Subscriptions, redemptions, valuation by depositary - UCITS V Provision

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UCITS V Anatomy


In a Nutshell Clause 22(3):

Template:Nutshell UCITS V 22(3) view template

UCITS V full text of Clause 22(3):

22(3). The depositary shall:

(a) ensure that the sale, issue, repurchase, redemption and cancellation of units of the UCITS are carried out in accordance with the applicable national law and the fund rules or instruments of incorporation;
(b) ensure that the value of the units of the UCITS is calculated in accordance with the applicable national law and the fund rules or the instruments of incorporation;
(c) carry out the instructions of the management company or an investment company, unless they conflict with the applicable national law, or with the fund rules or the instruments of incorporation;
(d) ensure that in transactions involving the assets of the UCITS any consideration is remitted to the UCITS within the usual time limits;
(e) ensure that the income of the UCITS is applied in accordance with the applicable national law and the fund rules or the instruments of incorporation.

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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
Navigation - UCITS IV: 50(1)(g) Financial derivative instruments
Navigation - UCITS V: 22(2) Written contract with depositary | 22(3) (subscriptions, redemptions, valuation by depositary) | 22(4) (cash monitoring | 22(5) (safekeeping by depositary) | 22(7) (no reuse of assets by depositary) | 22a (delegation of depositary functions)

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These are the "fund adminstrator" functions — handling subscriptions and redemptions of units, calculating values etc. Note they may not be delegated under Article 22a.