In July 2009, the PRiM Risk Newsletter number 18 focused on custody risk in the fund industry. The message of that Newsletter stressed the need for fund custodians to assume greater responsibility for the safekeeping of fund assets. The opinions and predictions from 2009 have now become regulatory requirements following the implementation of the Alternative Investment Fund Managers Directive ("AIFMD") and the publication of UCITS V. Both of those regulations impose additional responsibilities on fund custodians/depositaries to ensure the safety of fund assets.
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