Liability for delegation - UCITS V Provision: Difference between revisions
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Seeing as a [[prime broker]] can’t generally [[rehypothecate]] UCITS assets, it kind of makes you wonder why a prime broker would want to hold the assets in the first place. | Seeing as a [[prime broker]] can’t generally [[rehypothecate]] UCITS assets, it kind of makes you wonder why a prime broker would want to hold the assets in the first place. | ||
{{External event beyond its reasonable control}} | |||
===Careful=== | ===Careful=== | ||
Note that the prohibition on excluding or limiting liability for delegated obligations under UCITS Art {{ucits5prov|24(2)}} is limited specifically to those functions it has delegated under Art {{ucits5prov|22a}} - so when giving your indemnities and so on, be assiduous not to [[indemnify]] liabilities wider than those covered by [[22a - UCITS Provision|Art 22a]] that the depositary could, if it wanted to, contract out of. | Note that the prohibition on excluding or limiting liability for delegated obligations under UCITS Art {{ucits5prov|24(2)}} is limited specifically to those functions it has delegated under Art {{ucits5prov|22a}} - so when giving your [[indemnities]] and so on, be assiduous not to [[indemnify]] liabilities ''wider'' than those covered by [[22a - UCITS Provision|Art 22a]] that the {{ucits5prov|depositary}} could, if it wanted to, contract out of. | ||
Recital 27: | Recital 27: |