Template:AIFMD 21(11)(d): Difference between revisions

:(d) the {{aifmdprov|depositary}} ensures that the {{aifmdprov|third party}} meets the following conditions at all times during the performance of the tasks delegated to it:

::(i) the {{aifmdprov|third party}} has the structures and the expertise that are adequate and proportionate to the nature and complexity of the assets of the {{aifmdprov|AIF}} or the {{aifmdprov|AIFM}} acting on behalf of the {{aifmdprov|AIF}} which have been entrusted to it;

::(iii) the {{aifmdprov|third party}} segregates the assets of the {{aifmdprov|depositary}}’s clients from its own assets and from the assets of the {{aifmdprov|depositary}} in such a way that they can at any time be clearly identified as belonging to clients of a particular {{aifmdprov|depositary}};

::(iv) the {{aifmdprov|third party}} does not make use of the assets without the prior consent of the {{aifmdprov|AIF}} or the {{aifmdprov|AIFM}} acting on behalf of the {{aifmdprov|AIF}} and prior notification to the {{aifmdprov|depositary}}; and

::(v) the {{aifmdprov|third party}} complies with the general obligations and prohibitions set out in paragraphs {{aifmdprov|21(8)}} and {{aifmdprov|21(10)}}. <br>