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This document introduces a standardized Due Diligence Questionnaire (“DDQ”) template developed by the LPEA Fund Administration Committee.
The initiative responds to the growing number of DDQ requests received by Fund Administrators and the resulting challenges caused by inconsistent formats, repetitive questions, and requests for excessive information.
The first template focuses specifically on DDQs performed by the Depositary function in relation to the Fund Administration of administered Alternative Investment Funds (AIFs). The proposed approach reflects both operational needs and practical market expectations.
The objective of this initiative is to promote greater efficiency and consistency in the DDQ process. By standardizing the core set of questions, the template aims to reduce duplication of work, facilitate more consistent and cost-effective responses.
The document is intended to establish a common baseline for information requests. It does not replace the need for further due diligence where appropriate, and Depositaries may still request additional or more specific information during on-site reviews or through follow-up questions when required.
