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Depositary - UCITS V Provision: Difference between revisions
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*'''Exclusion of liability''': An [[AIFMD depositary]] can, but a [[UCITS depositary]] cannot, contractually exclude its liability when it delegates the safekeeping function to a third party; and <br> | *'''Exclusion of liability''': An [[AIFMD depositary]] can, but a [[UCITS depositary]] cannot, contractually exclude its liability when it delegates the safekeeping function to a third party; and <br> | ||
*'''Disclosure''': {{tag|UCITS V}} prospectuses must describe any delegation of safekeeping arrangements, identifying the delegate, and spelling out any [[conflict of interest]] that may arise. | *'''Disclosure''': {{tag|UCITS V}} prospectuses must describe any delegation of safekeeping arrangements, identifying the delegate, and spelling out any [[conflict of interest]] that may arise. | ||
*'''No [[rehypothecation]]''': Per Art. {{ucits5prov|22(7)}}, the depositary can’t [[reuse]] fund assets to offset its costs of lending on margin to the {{t|UCITS}}<ref>UCITS shouldn’t generally ''be'' buying on margin, of course.</ref> (though it can put them into an [[Agent lending|agency lending]] programme). | |||
===Delegation of safekeeping=== | ===Delegation of safekeeping=== | ||
All the good oil is in Art. {{ucits5prov|22a}}. | All the good oil is in Art. {{ucits5prov|22a}}. | ||
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*[[AIFMD Depositary]]. | *[[AIFMD Depositary]]. | ||
*The important parts relating to delegation are set out in Article {{ucits5prov|22a}}. | *The important parts relating to delegation are set out in Article {{ucits5prov|22a}}. | ||
{{ref}} | |||