The legislation takes into account events of the “Higher Higher Force” type by providing a disclaimer in the event of the loss of a financial instrument as a result of an “external event beyond its proper control and the consequences of which would have been inevitable despite all contrary efforts.” These general liability provisions are developed in the Regulations and, because of their potential impact on the structure and composition of the fund sector, have been one of the priorities of their preparation if custodians, considered excessively cumbersome, were to be imposed on custodians, who are considered to be overly burdensome, a standard considered excessively burdensome. These include provisions dealing with key issues of the circumstances in which the custodian`s liability is discharged, the nature and impact of a loss of an AIF`s financial instruments, and the valid “objective reasons” for the award of discharge of liability53. It is interesting to note that the requirement for an objective reason for debt relief is considered to be met when the custodian issues warnings about the “increased risk” that an investment in a given jurisdiction represents and the manager insists on maintaining such an investment.54 In Ireland, the central bank clarified that the general standard of liability “negligence, fraud, bad faith, delay of intentional payment or carelessness in the performance of its duties” will continue to apply after July 2013 if the manager is a “registered” manager, i.e. a manager who provides only services to AERAs that fall below the reference threshold55. The following section is also relevant in this regard: as a result, custodians are required to review their standard contracts and range of services in order to meet the increased obligations they have contracted under the AIFMD as well as the applicable standards of liability. Existing EU hedge funds with custodians must amend their contracts to ensure compliance with this new regulatory environment and managers entering the scope of the directive must ensure that appropriate new contractual agreements are concluded. Although the appointment of a third-party custodian for non-EU FIA is not predominant at present, appointment of bonus brokers is very common. Therefore, it should be noted that the manager anticipates that a broker is prohibited from acting as a custodian of an AIF to which he has been appointed, unless he has separated functionally and hierarchically the performance of his duties as a broker first and the potential conflicts of interest are duly identified. are managed, controlled and made public.