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===“[[Delegation]]” versus “[[sub-contract]]ing”=== | ===“[[Delegation]]” versus “[[sub-contract]]ing”=== | ||
These terms are easily conflated. Indeed, [[AIFMD]] conflates them. But, in [[this commentator]]’s view, they are different in important ways. Read more about this [[Delegation|here]]. | These terms are easily conflated. Indeed, [[AIFMD]] conflates them. But, in [[this commentator]]’s view, they are different in important ways. Read more about this [[Delegation|here]]. | ||
But in any case our — well, ''contrarian'' — view is that a custodian who appoints a [[sub custodian]] in its sub custody network ''not'' “delegating” its AIFMD custody obligations “at the first level of the custody chain” as is contemplated by Art {{aifmdprov|21(11)}}, and hence sub-custodians do not have to: | |||
*Segregate the AIF’s assets from the depositary’s assets in their books and records (as would be required of a delegate custodian under Art 21(11)(d)(iii)), | |||
*Hold assets in their books in the name of the AIF (or the AIFM acting on behalf of the AIF) (as would be required of a delegate custodian under Art 21(11)(d)(v), incorporating as it does Art 21(8)(a)(ii)). | |||
===Conditions to delegation by a {{aifmdprov|depositary}}=== | ===Conditions to delegation by a {{aifmdprov|depositary}}=== | ||
The {{aifmdprov|depositary}} can only [[delegate]] in certain circumstances: | The {{aifmdprov|depositary}} can only [[delegate]] in certain circumstances: | ||