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From April 2020 depositaries under the EU Alternative Investment Fund Managers Directive (“AIFMD”) will need to obtain independent legal advice regarding the protections under U.S. insolvency law afforded to the assets under the control of U.S. sub-custodians who wish to act as delegates of the AIFMD depositary. The AIFMD is the EU regime which regulates EU managers of unregulated funds. The background to the AIFMD’s depositary provisions and its delegation requirements in this context is outlined below.     https://www.cadwalader.com/resources/clients-friends-memos/eu-to-require-insolvency-opinions-in-relation-to-us-sub-custodians-under-the-eu-aifmd-regime