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Template:AIFMD 21(8): Difference between revisions
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{{aifmdprov|21(8)}}. The assets of the [[AIF]] or the [[AIFM]] acting on behalf of the [[AIF]] shall be entrusted to the {{tag|depositary}} for safe-keeping, as follows: <br> | {{aifmdprov|21(8)}}. The assets of the [[AIF]] or the [[AIFM]] acting on behalf of the [[AIF]] shall be entrusted to the {{tag|depositary}} for safe-keeping, as follows: <br> | ||
(a) for financial instruments that can be held in {{tag|custody}}: <br> | :(a) for financial instruments that can be held in {{tag|custody}}: <br> | ||
:(i) the {{tag|depositary}} shall hold in custody all financial instruments that can be registered in a financial instruments account opened in the depositary’s books and all financial instruments that can be physically delivered to the depositary; <br> | ::(i) the {{tag|depositary}} shall hold in custody all financial instruments that can be registered in a financial instruments account opened in the depositary’s books and all financial instruments that can be physically delivered to the depositary; <br> | ||
:(ii) for that purpose, the {{tag|depositary}} shall ensure that all those financial instruments that can be registered in a financial instruments account opened in the depositary’s books are registered in the depositary’s books within segregated accounts in accordance with the principles set out in Article {{aifmdprov|16}} of Directive {{eudirective|2006|73|EC}} ([[AIFMD]]), opened in the name of the [[AIF]] or the [[AIFM]] acting on behalf of the [[AIF]], so that they can be clearly identified as belonging to the [[AIF]] in accordance with the applicable law at all times; <br> | ::(ii) for that purpose, the {{tag|depositary}} shall ensure that all those financial instruments that can be registered in a financial instruments account opened in the depositary’s books are registered in the depositary’s books within segregated accounts in accordance with the principles set out in Article {{aifmdprov|16}} of Directive {{eudirective|2006|73|EC}} ([[AIFMD]]), opened in the name of the [[AIF]] or the [[AIFM]] acting on behalf of the [[AIF]], so that they can be clearly identified as belonging to the [[AIF]] in accordance with the applicable law at all times; <br> | ||
(b) for other assets: <br> | :(b) for other assets: <br> | ||
:(i) the depositary shall verify the ownership of the [[AIF]] or the [[AIFM]] acting on behalf of the [[AIF]] of such assets and shall maintain a record of those assets for which it is satisfied that the AIF or the AIFM acting on behalf of the AIF holds the ownership of such assets; | ::(i) the depositary shall verify the ownership of the [[AIF]] or the [[AIFM]] acting on behalf of the [[AIF]] of such assets and shall maintain a record of those assets for which it is satisfied that the AIF or the AIFM acting on behalf of the AIF holds the ownership of such assets; | ||
:(ii) the assessment whether the AIF or the AIFM acting on behalf of the AIF holds the ownership shall be based on information or documents provided by the AIF or the AIFM and, where available, on external evidence; | ::(ii) the assessment whether the AIF or the AIFM acting on behalf of the AIF holds the ownership shall be based on information or documents provided by the AIF or the AIFM and, where available, on external evidence; | ||
:(iii) the depositary shall keep its record up-to-date. <br> | ::(iii) the depositary shall keep its record up-to-date. <br> | ||