Orangefield approved as depositary by AFM in the Netherlands
Geneba Properties has obtained an AIFMD licence in the Netherlands whereby Orangefield will act as a depositary.
Orangefield is one of the first service providers authorised by the Dutch regulator to act as a depositary.
The new AIFMD regulations were implemented with the objective of enhancing investor protection. The directive entered into force on 22 July 2013.
At the moment, AIFs in EU countries that need to adjust to the new regulations are in their transition stage, but on 22 July 2014 adherence to the new directive is a legal requirement.
Among the key measures introduced in the AIFMD is the appointment of an independent third party as the Depositary.
Orangefield has integrated the new Directive into the company’s existing services. The function of depositary has been added to Orangefield’s regular offering of providing outsourced fund administration and the management of local companies.
Wulf Meinel, CEO Geneba, says: “The co-operation with Orangefield in the past months has been a very positive experience. They have helped us tremendously in designing the depository procedures as well as with the regulatory filing process - this provides for a good basis for our future partnership,”
Joep Bruins, CEO of Orangefield Group, says: “We are extremely pleased with having assisted Geneba Properties in achieving this important milestone. It has been an intense process. We have pulled on multiple resources to build best practice procedures for the new depositary trade and now we look forward to implementing them.”
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