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Liability for delegation - UCITS V Provision: Difference between revisions
Liability for delegation - UCITS V Provision (view source)
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Seeing as a [[prime broker]] can’t generally [[rehypothecate]] UCITS assets, it kind of makes you wonder why a prime broker would want to hold the assets in the first place. | Seeing as a [[prime broker]] can’t generally [[rehypothecate]] UCITS assets, it kind of makes you wonder why a prime broker would want to hold the assets in the first place. | ||
===Careful=== | |||
Note that the prohibition on excluding or limiting liability for delegated obligations under UCITS Art {{ucits5prov|24(2)}} is limited specifically to those functions it has delegated under Art {{ucits5prov|22(a)}} - so when giving your indemnities and so on, be assiduous not to [[indemnify]] liabilities wider than those covered by [[22a - UCITS Provision|Art 22a]] that the depositary could, if it wanted to, contract out of. | |||
Recital 27: | Recital 27: | ||