Template:Nutshell AIFMD 21(13)

21(13) Liability not affected by delegation except in certain circumstances: The depositary’s liability is 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 the second subparagraph of 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 sub-custodian 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.