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In a Nutshell™ Clause 22a(2):
22a(2). The depositary may delegate the safekeeping functions set out in Article 22(5) but only where:
- (a) there is no intent to end-run the UCITS rules;
- (b) the depositary can show an objective reason for the delegation;
- (c) the depositary has exercised all due care in appointing and monitoring the delegate delegate’s continued performance.
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UCITS V full text of Clause 22a(2):
22a(2). The depositary may delegate to third parties the functions referred to in Article 22(5) only where:
- (a) the tasks are not delegated with the intention of avoiding the requirements laid down in this Directive;
- (b) the depositary can demonstrate that there is an objective reason for the delegation;
- (c) the depositary has exercised all due skill, care and diligence in the selection and the appointment of any third party to whom it intends to delegate parts of its tasks, and continues to exercise all due skill, care and diligence in the periodic review and ongoing monitoring of any third party to which it has delegated parts of its tasks and of the arrangements of the third party in respect of the matters delegated to it.
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