The Depositary Banking Cluster represents banks active in depositary and custody services, important services for the Luxembourg fund industry. It acts as a main reference point for interactions on depositary and custody activities with authorities and other stakeholders, as well as developing policy and market guidelines for the industry.

Depositary banks are facing an ever-increasing range of legal obligations as the rulebook continues to expand on topics such as due diligence on their sub-custody network, management of conflicts of interest, establishment of branches, qualification of assets and adherence to safekeeping obligations. The platform offered by the ABBL is vital to share best practices and discuss the most pressing issues. 

A market study on depositary banking

The ABBL recently carried out a market study on depositary banking, in cooperation with the CSSF and Deloitte. The objective is to collect broader market data, to develop business intelligence around depositary banking. The results of the survey will be published here.

Depositary Banking guidelines

In November 2020, the ABBL/ALFI Depositary Bank Forum completed its roadmap of best practices guidelines with the publication of the last document regarding the safekeeping of other assets. 

Industry guidelines published in recent years cover Oversight Duties, Financial Instruments held in Custody, Other Assets, Books and Records, Synthesis of the Regulatory Framework applicable to Depositaries, and Look-Through.

These guidelines are available for Members only.

Fabio

Mandorino

Adviser

Private, Corporate and Depositary Banking Adviser

Fabio Mandorino is a senior adviser in the ABBL's Member Relations unit, in charge of coordinating 3 business areas: private banking, corporate banking and custody.

Fabio studied Financial Market and Institutional Management at the Bocconi University in Milan (IT) and furthered his knowledge of impact investing at the Said Business School in Oxford (UK).