Delegation of depositary functions - UCITS V Provision: Difference between revisions

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	{{ucits5anat\|22a}}''See also {{ucits5prov\|~~Liability~~ for delegation}} and the scintillating discussion of what counts as an “external event”''<br>		{{ucits5anat\|22a}}''See also {{ucits5prov\|liability for delegation}} of safekeeping under {{t\|UCITS C}} 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.''”