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The depositary appointed by a {{UCITS}} fund is the regulated entity who keeps an eye on things and makes sure the fund is being run properly. Where it has one, a {{tag|prime broker}} will generally not qualify as a depositary though, like under {{tag|AIFMD}}, the appointed depositary may delegate some of its functions (especially as regards | The depositary appointed by a {{tag|UCITS}} fund is the regulated entity who keeps an eye on things and makes sure the fund is being run properly. Where it has one, a {{tag|prime broker}} will generally not qualify as a depositary though, like under {{tag|AIFMD}}, the appointed depositary may delegate some of its functions (especially as regards {{tag|custody}}) to a {{tag|prime broker}}. | ||
See UCITS Article {{ucitsprov|22(3) notes the depositary's general duties, including to: | See UCITS Article {{ucitsprov|22(3) notes the depositary's general duties, including to: |