Depositary requirements for AIF accounting

Every day, we see numerous references in both financial and non-financial media to the evolving regulations surrounding Alternative Investment Funds (AIFs). With the increasing stringency of these regulations, particularly concerning depositary responsibilities, it is crucial for financial professionals to stay informed and compliant.

Effectively managing and overseeing AIFs necessitates a deep understanding of the current laws and regulations, alongside the continuous professional obligations of depositaries. The rising regulatory demands can leave management and employees feeling overwhelmed, making it challenging to fulfill their duties without clear, structured guidance.

PwC Academy is dedicated to helping you navigate these complexities by offering a course focused on the depositary requirements for AIF accounting in Luxembourg. This course aims to address your specific needs comprehensively and practically, answering the questions you and your team face concerning your mandatory professional duties and the ongoing evolution of AIF regulations.

Drawing on our extensive expertise in the financial sector, we provide training designed to enhance your understanding of depositary requirements and best practices. Our goal is to ensure you are well-prepared to manage the intricacies of AIF accounting and maintain compliance with Luxembourg’s regulatory framework.

By the end of this training, participants will be able to:

• identify the impacts of new regulatory requirements, specifically CSSF Circulars 18/697 and 22/811, on their organisation;
• implement and apply a risk-based approach to depositary duties;
• extend Luxembourg-specific procedures to an international group context;
• clearly explain relevant regulations to other employees and outline the possible consequences of negligence or non-compliance;
• develop an internal framework for depositary duties in line with regulatory requirements;
• create an internal assessment procedure for depositary compliance.

• Development of essential definitions
• Overview of the recent regulatory environment at Luxembourg, at European and international levels
• Presentation of the depositary duties and obligations
• Presentation of the depositary relationship framework with other parties and information exhange to perform its duties
• Focus on due diligence aspects on the fund administrator and expected control framework to put in place depending on risk level assessment (e.g. ongoing monitoring)

This training is coordinated by Frédéric Vonner, Partner, and Pierre-Jean Eck, Director, at PwC Luxembourg.

From daily operations to regulatory compliance, Frédéric Vonner, Partner, has been helping local and global asset managers, fund service providers and banks for, nearly 20 years, to successfully run their businesses. Areas of focus: UCITS, AIFMD and GDPR regulations, PE and RE, organisation setup and review, project management.

Frédéric also engaged on the sustainability and sustainable finance matters, delivering assignments ranging from strategy and regulatory compliance to practical implementation.

He is an experienced trainer and course designer /facilitator for soft skills and technical trainings.

Pierre-Jean is a director in the Regulatory and Compliance Advisory Services department of PwC Luxembourg, more specifically in the investment fund and the banking industries.

He is assisting clients in all aspects of the Luxembourg financial industry from a regulatory perspective.

He gained extensive knowledge and experience in the areas of regulatory change projects, “Target Operating Model Design” incl. delegation set-up, licence extensions and M&A - regulatory due diligence (buy-side).