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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 | But in any case our — well, ''contrarian'' — view is that a custodian who appoints a [[sub custodian]] in its sub custody network is ''not'' “delegating” its [[AIFMD]] custody obligations “at the first level of the custody chain”, as Art {{aifmdprov|21(11)}}contemplates, and hence [[sub-custodian]]s do not have to: | ||
*Segregate the AIF’s assets from the | *Segregate the AIF’s assets from the [[depositary]]’s assets in their books (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)). | *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}}=== | ||