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{{a|aifmd|}}Delegated Regulation {{aifmdprov|DR99}} relates to the {{aifmdprov|depositary}}’s obligation to segregate custody assets. | {{a|aifmd|}}Delegated Regulation {{aifmdprov|DR99}} relates to the {{aifmdprov|depositary}}’s obligation to segregate custody assets. | ||
In the main {{aifmdprov|DR99}} is of scant interest to [[prime broker]]s, though the {{aifmdprov|depositary}} might insist on copying screeds of the regulation out and popping it into the custody delegation contract. This is an understandable instinct, but a misguided one which you must all the same resist, for the simple reason that ''regulations change''. Even EU regulations. By all means refer to the obligations under {{aifmdprov|DR99}} as in force [[from time to time]], or something similarly laborious, as | In the main {{aifmdprov|DR99}} is of scant interest to [[prime broker]]s, though the {{aifmdprov|depositary}} might insist on copying screeds of the regulation out and popping it into the custody delegation contract. This is an understandable instinct, but a misguided one which you must all the same resist, for the simple reason that ''regulations change''. Even EU regulations. By all means refer to the obligations under {{aifmdprov|DR99}} as in force [[from time to time]], or something similarly laborious, as long as it merely tracks the actual regulatory requirement that impacts what the [[delegate]] must do, [[for the time being]], not what it was eight years ago when you signed its stupid [[contract]]. | ||
An [[Negotiator|assiduous pedant]]<ref>I was surprised about this, too, but you do occasionally come across them negotiating prime brokerage documents.</ref> might also argue that {{aifmdprov|DR99}} doesn’t actually impose obligations, ''[[per se]]'', on the [[delegate]] [[sub-custodian]], but only on the {{aifmdprov|depositary}}, so the delegate should not have to give these reps, or agree to be subject to these regulations at all. | An [[Negotiator|assiduous pedant]]<ref>I was surprised about this, too, but you do occasionally come across them negotiating prime brokerage documents.</ref> might also argue that {{aifmdprov|DR99}} doesn’t actually impose obligations, ''[[per se]]'', on the [[delegate]] [[sub-custodian]], but only on the {{aifmdprov|depositary}}, so the delegate should not have to give these reps, or agree to be subject to these regulations at all. |