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===Delegation of {{aifmdprov|depositary}}’s functions=== | ===Delegation of {{aifmdprov|depositary}}’s functions=== | ||
You will see from {{aifmdprov|21(4)}} the {{aifmdprov|depositary}}’s role ''[[in toto]]'' is not really suitable for a [[prime broker]]. However, the {{aifmdprov|depositary}} may delegate some of its functions, and a prime broker may act as: | You will see from {{aifmdprov|21(4)}} the {{aifmdprov|depositary}}’s role ''[[in toto]]'' is not really suitable for a [[prime broker]]. However, the {{aifmdprov|depositary}} may delegate some of its functions, and a prime broker may act as: | ||
*{{aifmdprov|custodian}}, but will have certain conditions to that appointment ( | *A '''{{aifmdprov|custodian}}''', but will have certain conditions to that appointment (set out in Art {{aifmdprov|21(11)}}, including the famous “{{aifmdprov|objective reason}}”), and you may expect the {{aifmdprov|depositary}} will seek to delegate the safe-keeping function on those exact conditions, and (as far as it can) transfer outright its liability for those responsibilities to the [[prime broker]], on exactly the terms required by [[AIFMD]] and [[AIFMR]]. | ||
*A “{{aifmdprov|depositary lite}}” to certain non-EU domiciled {{aifmdprov|AIF}}s who aren’t obliged to have a full-blown {{aifmdprov|depositary}}. The depo-lite regime, and the delegated safe-keeping regime, are different but in many respects quite similar things and it is easy to conflate them. A specialist will find you out if you do. | *A “{{aifmdprov|depositary lite}}” to certain non-EU domiciled {{aifmdprov|AIF}}s who aren’t obliged to have a full-blown {{aifmdprov|depositary}}. The depo-lite regime, and the delegated safe-keeping regime, are different but in many respects quite similar things and it is easy to conflate them. A specialist will find you out if you do. | ||