Template:Nutshell AIFMD 21(11)(d): Difference between revisions
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{{aifmdprov|21(d)}} the {{aifmdprov|depositary}} ensures that the {{aifmdprov|third party}} complies with the following when performing its delegated tasks: | {{aifmdprov|21(11)(d)}} the {{aifmdprov|depositary}} ensures that the {{aifmdprov|third party}} complies with the following when performing its delegated tasks: | ||
:(i) it has adequate structures and expertise proportionate to the nature and complexity of the assets of the {{aifmdprov|AIF}} entrusted to it; | :(i) it has adequate structures and expertise proportionate to the nature and complexity of the assets of the {{aifmdprov|AIF}} entrusted to it; | ||
:(ii) for custody tasks set out in paragraph {{aifmdprov|21(8)}}(a), it is subject to | :(ii) for custody tasks set out in paragraph {{aifmdprov|21(8)}}(a), it is subject to | ||
::effective prudential regulation, including minimum capital requirements, and supervision in its jurisdiction and | ::*effective prudential regulation, including minimum capital requirements, and supervision in its jurisdiction and | ||
::an external periodic audit to ensure that the financial instruments are in its possession; | ::*an external periodic audit to ensure that the financial instruments are in its possession; | ||
:(iii) it segregates the {{aifmdprov|depositary}}’s clients’ assets from its own and the {{aifmdprov|depositary}}’s own assets so that they can be clearly identified as belonging to clients of a particular {{aifmdprov|depositary}}; | :(iii) it segregates the {{aifmdprov|depositary}}’s clients’ assets from its own and the {{aifmdprov|depositary}}’s own assets so that they can be clearly identified as belonging to clients of a particular {{aifmdprov|depositary}}; | ||
:(iv) it does not use the {{aifmdprov|AIF}}’s assets without first getting the {{aifmdprov|AIF}}’s consent and telling the {{aifmdprov|depositary}}; and | :(iv) it does not use the {{aifmdprov|AIF}}’s assets without first getting the {{aifmdprov|AIF}}’s consent and telling the {{aifmdprov|depositary}}; and | ||
:(v) it generally complies with paragraphs {{aifmdprov|21(8)}} and {{aifmdprov|21(10)}} when carrying out its obligations. <br> | :(v) it generally complies with paragraphs {{aifmdprov|21(8)}} and {{aifmdprov|21(10)}} when carrying out its obligations. <br> | ||
Latest revision as of 17:29, 3 December 2018
21(11)(d) the depositary ensures that the third party complies with the following when performing its delegated tasks:
- (i) it has adequate structures and expertise proportionate to the nature and complexity of the assets of the AIF entrusted to it;
- (ii) for custody tasks set out in paragraph 21(8)(a), it is subject to
- effective prudential regulation, including minimum capital requirements, and supervision in its jurisdiction and
- an external periodic audit to ensure that the financial instruments are in its possession;
- (iii) it segregates the depositary’s clients’ assets from its own and the depositary’s own assets so that they can be clearly identified as belonging to clients of a particular depositary;
- (iv) it does not use the AIF’s assets without first getting the AIF’s consent and telling the depositary; and
- (v) it generally complies with paragraphs 21(8) and 21(10) when carrying out its obligations.