Template:Nutshell UCITS V 22a

22a(1). The depositary may not delegate to third parties the fund administrator functions set out in Article 22(3) and 22(4) (subscriptions and redemption, calculating NAV, cash monitoring etc).
22a(2). The depositary may delegate the safekeeping functions set out in Article 22(5) but only where:

(a) there is no intent to end-run the UCITS rules;

(b) the depositary can show an objective reason for the delegation;

(c) the depositary has exercised all due care in appointing and monitoring the delegate delegate’s continued performance.