Template:Ucits delegaton versus aifmd delegation

UCITS Art 22a looks a lot like AIFMD Art 21(11) doesn’t it?

Yes, it does. the textual differences are largely formal, or mutatis mutandis style. The main substantive differences are:

• A UCITS depositary is not allowed to reuse the UCITS’ assets at all, rather that only with prior notification and consent as under AIFMD;
• A UCITS depositary must take all necessary steps to ensure UCITS’ assets aren’t caught up in the bankruptcy estate of an insolvent custodian
• UCITS investors must be notified of the risks of delegation and not just the circumstances justifying it.