Template:Nutshell UCITS V 24
24(1). The depositary will be liable to the UCITS if it (or a third party delegated under Article 22(5)(a)) loses custody assets it is meant to be safekeeping.
If it loses an asset the depositary must promptly return a fungible financial instrument in the same nominal amount. The depositary will not be liable if the loss arose through a force majeure which it could not have avoided having taken all reasonable efforts to do so.
The depositary will also be liable to the UCITS for all other losses they suffer through the depositary’s negligent or wilful failure to fulfil its obligations under UCITS.
24(2). The depositary cannot discharge its liability if it delegates in accordance with Article 22a.
24(3). The depositary cannot exclude or limit its liability to the UCITS by contract.
24(4). If it tries to, the contract will be void.[1]
24(5). UCITS investors can sue the depositary directly or indirectly through the UCITS management company as long as it does not create duplication or unequal treatment of the investors.