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{{ucits5anat|22a}}''See also {{ucits5prov| | {{ucits5anat|22a}}''See also {{ucits5prov|liability for delegation}} of safekeeping under Art {{ucits5prov|24}} of {{t|UCITS V}} and the scintillating discussion of what counts as an “external event”''<br> | ||
According to recital 15 of the [http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2016.078.01.0011.01.ENG level 2 delegated regulations] under {{tag|UCITS V}} (makes you weep, doesn't it) “''when delegating safekeeping functions to a third party in accordance with Article {{ucits5prov|22a}} of {{eudirective|2009|65|EC}}, the {{ucits5prov|depositary}} is required to implement and apply an appropriate and documented procedure to ensure that the delegate complies with the requirements of Article {{ucits5prov|22a(3)}} of that Directive at all times. In order to ensure a sufficient level of protection of assets, it is necessary to set out certain principles that should be applied in relation to the delegation of safekeeping functions.''” | According to recital 15 of the [http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2016.078.01.0011.01.ENG level 2 delegated regulations] under {{tag|UCITS V}} (makes you weep, doesn't it) “''when delegating safekeeping functions to a third party in accordance with Article {{ucits5prov|22a}} of {{eudirective|2009|65|EC}}, the {{ucits5prov|depositary}} is required to implement and apply an appropriate and documented procedure to ensure that the delegate complies with the requirements of Article {{ucits5prov|22a(3)}} of that Directive at all times. In order to ensure a sufficient level of protection of assets, it is necessary to set out certain principles that should be applied in relation to the delegation of safekeeping functions.''” | ||
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:''Notwithstanding point (b)(i) [i.e., prudent regulation and capitalisation]'' of the first subparagraph, where the law of a third country requires that certain financial instruments be held in custody by a local entity and no local entities satisfy the delegation requirements laid down in that point [i.e., prudent regulation and capitalisation] ...'' | :''Notwithstanding point (b)(i) [i.e., prudent regulation and capitalisation]'' of the first subparagraph, where the law of a third country requires that certain financial instruments be held in custody by a local entity and no local entities satisfy the delegation requirements laid down in that point [i.e., prudent regulation and capitalisation] ...'' | ||
{{ | {{sa}} | ||
*[[UCITS depositary]] | *[[UCITS depositary]] | ||
*[[AIFMD depositary]] | *[[AIFMD depositary]] |