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Amwelladmin (talk | contribs) (Created page with "{{ucits5prov|22a(1)}}. The {{ucits5prov|depositary}} may not delegate to third parties the fund administrator functions set out in Article {{ucits5prov|22(3)}} and {{ucits5p...") |
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{{ucits5prov|22a(1)}}. | {{ucits5prov|22a(1)}}. The {{ucits5prov|depositary}} may '''not''' delegate to third parties the fund administrator functions set out in Article {{ucits5prov|22(3)}} and {{ucits5prov|22(4)}} (subscriptions and redemption, calculating [[NAV]], cash monitoring etc). <br> | ||
{{ucits5prov|22a(2)}}. The {{ucits5prov|depositary}} '''may''' delegate the safekeeping functions set out in Article {{ucits5prov|22(5)}} but only where: <br> | |||
:(a) there is no intent to end-run the UCITS rules; <br> | |||
:(b) the {{ucits5prov|depositary}} can show an {{ucits5prov|objective reason}} for the [[delegation]]; | |||
:(c) the {{ucits5prov|depositary}} has exercised all due care in appointing and monitoring the delegate delegate’s continued performance. <br> |