Objective reason - UCITS V Provision

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As at the beginning of February 2015, there was not much guidance on what an "Template:Ucitsprov" is for the purposes of the criteria set out in UCITS V Article Template:Ucitsprov for the delegation by a Template:Ucitsprov of the safekeeping function to a third party.

But look at the equivalent objective reason provision in the implementing regulations for AIFMD:

Paragraph DR76, AIFMD

AIFMD, DR76

Article DR 76 of the AIFMD Delegated Regulation

Objective reasons for delegation

DR 76(1) The AIFM shall provide the competent authorities with a detailed description, explanation and evidence of the objective reasons for delegation. When assessing whether the entire delegation structure is based on objective reasons within the meaning of Article 20(1)(a) of Directive 2011/61/EU (EUR Lex) the following criteria shall be considered:

(a) optimising of business functions and processes;
(b) cost saving;
(c) expertise of the delegate in administration or in specific markets or investments;
(d) access of the delegate to global trading capabilities.

DR 76(2) Upon request by the competent authorities, an AIFM shall provide further explanations and provide documents proving that the entire delegation structure is based on objective reasons.

(view template)

UCITS Anatomy

This is an article about undertakings for collective investment in transferable securities directive (UCITS).

Resources: UCITS IV (2009/65/EC (EUR Lex)) | UCITS V (2014/91/EU (EUR Lex)) | ESMA Guidance on UCITS | Depositary comparison under AIFMD and UCITS
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