Template:Nutshell AIFMD 21(12): Difference between revisions
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{{aifmdprov|21(12)}} '''Liability for loss of assets''': the depositary is liable for the loss of assets by the depositary or a third party to whom custody has been delegated. In the case of such a loss the depositary shall return an identical financial instrument or the corresponding amount to the [[AIF]] without undue delay. It will not be liable if the loss arose as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. <br> | {{aifmdprov|21(12)}} '''Liability for loss of assets''': the {{aifmdprov|depositary}} is liable for the loss of assets by the {{aifmdprov|depositary}} or a third party to whom custody [[21(8)(a) - AIFMD Provision|has been delegated]]. In the case of such a loss the {{aifmdprov|depositary}} shall return an identical financial instrument or the corresponding amount to the [[AIF]] without undue delay. It will not be liable if the loss arose as a result of an [[Force majeure|external event beyond its reasonable control]], the consequences of which would have been unavoidable despite all [[reasonable]] efforts to the contrary. <br> | ||
Latest revision as of 15:57, 8 April 2019
21(12) Liability for loss of assets: the depositary is liable for the loss of assets by the depositary or a third party to whom custody has been delegated. In the case of such a loss the depositary shall return an identical financial instrument or the corresponding amount to the AIF without undue delay. It will not be liable if the loss arose as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary.