The Alternative Investment Fund Managers Directive (AIFMD) has fundamentally changed the European regulatory landscape. Depositaries are now subject to far more detailed and prescriptive rules, which are driving changes to operational risk assessment, pricing structures, capital requirements and the depositary's interaction with other industry participants.

This paper seeks to address these fundamental considerations by offering a methodology for evaluating depositary capital requirements and for determining a risk-based pricing strategy post AIFMD. To benchmark our analysis against industry trends, we also conducted a survey of 14 major European depositaries.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.