In practice, the same banks and investment firms are acting as a custodian under MiFID II and CRD IV, a depositary under the AIFMD/UCITSD V and a depositary/custodian under IORPD II. Although the safekeeping activities performed by both are similar, European investment law is inconsistent in allowing depositaries and custodians to provide cross-border financial services throughout Europe.

This book provides an in-depth analysis of the concept of the crossborder provision of financial services under European investment law and the regulation applying to depositaries and custodians under MiFID II, CRD IV, the CSDR, AIFMD, UCITSD V and IORPD II. In his analysis, the author considers whether and to what extent depositaries and custodians are similarly regulated under European investment law and under what conditions a cross-sectoral European depositary passport could be introduced.