82,891
edits
Objective reason - AIFMD Provision: Difference between revisions
Objective reason - AIFMD Provision (view source)
Revision as of 14:49, 8 September 2016
, 8 September 2016no edit summary
Amwelladmin (talk | contribs) |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 1: | Line 1: | ||
An objective reason is used un {{aifmdprov|21(11)}} as the grounds for delegating safekeeping functions of a {{aifmdprov| | An objective reason is used un {{aifmdprov|21(11)}} as the grounds for delegating safekeeping functions of a {{aifmdprov|depositary}}. What this means discussed in the recital to the [[AIFMD Delegated Regulation]] (sigh): | ||
(121) A depositary is allowed under certain circumstances to discharge itself of liability for the loss of financial instruments held in custody by a third party to which custody was delegated. For such liability discharge to be permitted '''''there must be an objective reason for contracting such discharge that is accepted by both the depositary and the AIF or the AIFM acting on behalf of the AIF'''''. An objective reason should be established for each discharge of liability taking into account the concrete circumstances in which custody has been delegated. | (121) A depositary is allowed under certain circumstances to discharge itself of liability for the loss of financial instruments held in custody by a third party to which custody was delegated. For such liability discharge to be permitted '''''there must be an objective reason for contracting such discharge that is accepted by both the depositary and the AIF or the AIFM acting on behalf of the AIF'''''. An objective reason should be established for each discharge of liability taking into account the concrete circumstances in which custody has been delegated. | ||