Depositary trustee audit services

CACEIS, custodian of a broad range of collective investments of all legal forms, has specialist teams which, in partnership with their clients, and using dedicated IT systems, provide statutory supervision and compliance monitoring of management activities.

With our proven experience, CACEIS can offer specific audit services for its clients, against a background where regulation is a crucial area for an Asset Manager and is constantly changing. 

The obligations of the Depositary Function are governed by two essential directives:

• Directive 2011/61/EU of 8 June 2011, called the AIFM Directive that entered into force on 22 July 2013,
• The UCITS V Directive, which amends Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009, called the "UCITS IV Directive". 

 The depositaries of Undertakings for the Collective Investment of Transferable Securities (UCITS) and Alternative Investment Funds (AIF) serve two main missions: they are responsible for the safekeeping of the assets held by the collective investment vehicles and ensure the legality of decisions taken by UCITS or AIF or its management company in relation to applicable laws and regulations as well as those appearing in its prospectus. In particular, the Directive has introduced the obligation to monitor UCITS cash flows and strengthened obligations in terms of safekeeping assets and verifying ownership and registration as well as the procedures in terms of choosing and monitoring delegates. It has introduced governance principles and mandatory bans to preserve the independence between the Management company and the depositary and reinforced independence rules in case of group links between them.