12 July 2023
Experts talking: CSC Depositary
CSC Depositary (CSCD) is an independent AIFMD Depositary and holds a license in the Netherlands to perform its role as depositary. CSCD belongs to the CSC Group (CSC) which has been in existence since 1899 and is active in financial services, compliance, legal and tax solutions. CSC operates worldwide in more than 140 countries, with its headquarters located in Delaware, USA. In the Netherlands, CSC has been active for over 30 years and has offices in Maarsbergen and Amsterdam. The Netherlands employs over 45 people.
CSCD provides services to 20 AIFMD fund managers for nearly 150 investment funds. CSCD is supervised by the Financial Markets Authority (AFM) in the Netherlands. Directors of CSCD are tested for reliability and expertise.
CSCD acts as an independent custodian for the BRI CP Eifel fund. Because the fund is based in the Netherlands, the fund requires a Dutch independent depositary (while the fund manager holds a license in France). The duties performed by CSCD with this fund are CSCD's statutory duties as depositary. CSCD has been appointed to look after the interests of the investors in the fund and to check whether the fund manager complies with the agreements made with investors as laid down in the fund documentation. These duties can be divided into:
- Monitor the fund's cash flows.
On a daily basis, CSCD has viewing rights to all of the fund's bank accounts. We verify that payments and receipts of funds are in line with the fund's investment policy. - Verification of ownership.
CSCD verifies ownership of investments made by the fund at its inception and at least annually. Simultaneously, we maintain an asset register in which this is recorded. - Supervise the management of the fund in accordance with the gene is recorded in the information memorandum
CSCD verifies that the fund's manager is fulfilling the agreements set forth in the fund documentation. This includes, for example, the annual verification of the net asset value of the fund, issuance of the units, verification that the proceeds from the fund are put to their proper use, and verification that all transactions are carried out in a timely manner.
If CSCD finds any irregularities in monitoring the above tasks it will first discuss and attempt to resolve them with the manager. If no resolution is reached then CSCD may ultimately go to the supervisor to present the resulting disagreement.
CSCD has a contractual relationship with Beaureale which is established through a custodial agreement. CSCD receives a compensation for this from Beaureale.
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