Depositary - UCITS V Provision: Difference between revisions

Depositary - UCITS V Provision (view source)

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 ===Comparison of {{tag|UCITS}} and {{tag|AIFMD}} [[depositary]] regimes===
 The main differences between an [[AIFMD depositary]] and a [[UCITS depositary]] are: <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>
+*'''Exclusion of liability''': An [[AIFMD depositary]] can, but a [[UCITS depositary]] cannot, contractually exclude its liability when it [[delegate]]s the safekeeping function to a third party<ref>See [[UCITS liability for delegation]].</ref>; 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.
+*'''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===
 All the good oil is in Art. {{ucits5prov|22a}}.
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 {{depositarycomparison}}
-{{seealso}}
+{{sa}}
 *[[AIFMD Depositary]].
 *The important parts relating to delegation are set out in Article {{ucits5prov|22a}}.
+{{ref}}