Darwin Depositary Services obtains ISAE 3402 Type II Certification

February 1, 2018 - Darwin Depositary Services B.V. (“DDS”) is pleased to announce that it has received an ISAE 3402 Type II controls assurance report for the period 1 January 2017 – 31 October 2017. The Type II is following on the Type I certification, obtained in 2017.

The ISAE 3402 type II report covering the depositary duties was prepared in accordance with the ISAE 3402 standards issued by the International Auditing and Assurance Standards Board (“IAASB”) of the International Federation of Accountants (“IFAC”). A type II report includes a controls description and a more detailed testing of the operational controls for the period 1 January 2017 – 31 October 2017.

DDS is an independent AIFMD depositary based in Amsterdam having its focus on rendering depositary services to alternative investment funds, including hedge funds, real estate funds and private equity funds. DDS has no cross-selling objectives and its independent position is deliberately chosen to avoid any potential conflict of interest and to act solely in the interest of the fund and its investors.

Due to the European Alternative Investment Fund Managers Directive (AIFMD), effective from 22 July 2014, each investment fund operating in the EU (exceeding certain thresholds and subject to grandfathering rules) is required to appoint a depositary responsible for the safekeeping of the fund assets, monitoring of the cash flows and certain oversight duties.

Commenting on the announcement, Peter van Schaik, Manager Director of DDS, said, “The receipt of the ISAE type II report will provide significant service assurance to our clients. It will bolster our activities and is expected to contribute positively to a further expansion of our business”.