Template:Nutshell AIFMD 21(13): Difference between revisions
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{{aifmdprov|21(13)}} '''{{aifmdprov|Liability not affected by delegation except in certain circumstances}}''': The {{aifmdprov|depositary}}’s liability | {{aifmdprov|21(13)}} '''{{aifmdprov|Liability not affected by delegation except in certain circumstances}}''': The {{aifmdprov|depositary}}’s liability won’t be affected by any [[delegation]] under paragraph {{aifmdprov|21(11)}}. However the {{aifmdprov|depositary}} may discharge itself of liability if it can prove that: <br> | ||
:(a) all requirements for the delegation of its custody tasks set out in | :(a) all requirements for the [[delegation]] of its [[custody]] tasks set out in paragraph {{aifmdprov|21(11)}} are met; <br> | ||
:(b) a written contract between the {{aifmdprov|depositary}} and the delegate [[sub-custodian]] expressly transfers the liability of the {{aifmdprov|depositary}} to that delegate | :(b) a written {{t|contract}} between the {{aifmdprov|depositary}} and the delegate [[sub-custodian]] expressly transfers the liability of the {{aifmdprov|depositary}} to that delegate so that the [[AIF]] can claim directly against it; and <br> | ||
:(c) [[AIF]] expressly discharges the depositary’s liability under a written contract and establishes an “{{aifmdprov|objective reason}}” for a discharge. <br> | :(c) [[AIF]] expressly discharges the depositary’s liability under a written contract and establishes an “{{aifmdprov|objective reason}}” for a discharge. <br> | ||
Latest revision as of 07:59, 31 July 2019
21(13) Liability not affected by delegation except in certain circumstances: The depositary’s liability won’t be affected by any delegation under paragraph 21(11). However the depositary may discharge itself of liability if it can prove that:
- (a) all requirements for the delegation of its custody tasks set out in paragraph 21(11) are met;
- (b) a written contract between the depositary and the delegate sub-custodian expressly transfers the liability of the depositary to that delegate so that the AIF can claim directly against it; and
- (c) AIF expressly discharges the depositary’s liability under a written contract and establishes an “objective reason” for a discharge.