Liability for loss of assets - AIFMD Provision: Difference between revisions

Liability for loss of assets - AIFMD Provision (view source)

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-{{aifmdanat|21(12)}}
+{{aifmdanat|21(12)|}}''See also Article {{aimfdprov|21(13)}} relating to discharge of liability for delegation. Also, compare with Art. {{ucits5prov|24}} of [[UCITS]]: the equivalent and even more restrictive provision.'' <br>
-A key part of the {{aifmdprov|depositary}}’s responsibilty which it will be very keen to foist onto the [[prime broker]] who wishes to hold custody of the {{aifmdprov|AIF}}’s {{aifmdprov|financial instrument}}s.
+A key part of the {{aifmdprov|depositary}}’s responsibility which it will be very keen to foist onto the [[prime broker]] who wishes to hold custody of the {{aifmdprov|AIF}}’s {{aifmdprov|financial instrument}}s.
+See also Article {{aifmdprov|DR100}} of the delegated regulation for even more detail.
+=== You what? ===
+Fun fact: the drafting — perhaps during translation — lost its way in the first paragraph. When you peel away the flannel, it amounts to this:
+{{Quote|The depositary is liable if it, or someone to whom it has delegated the custody of financial instruments, loses —.}}
+Now we think — all right, we ''know'' — this is meant to say  “... loses the financial instruments it is holding in custody”.
+{{External event beyond its reasonable control}}
+{{sa}}
+*Art. {{ucits5prov|24}} of [[UCITS]]
+*Art. {{aifmdprov|DR100}} of the delegated regulation
+{{ref}}