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===Comparison of {{tag|UCITS}} and {{tag|AIFMD}} [[depositary]] regimes=== | ===Comparison of {{tag|UCITS}} and {{tag|AIFMD}} [[depositary]] regimes=== | ||
The main differences between an [[AIFMD depositary]] and a [[UCITS depositary]] are: <br> | The main differences between an [[AIFMD depositary]] and a [[UCITS depositary]] are: <br> | ||
*'''Exclusion of liability''': An [[AIFMD depositary]] can, but a [[UCITS depositary]] cannot, contractually exclude its liability when it | *'''Exclusion of liability''': An [[AIFMD depositary]] can, but a [[UCITS depositary]] cannot, contractually exclude its liability when it [[delegate]]s the safekeeping function to a third party<ref>See [[UCITS liability for delegation]].</ref>; and <br> | ||
*'''Disclosure''': {{tag|UCITS V}} prospectuses must describe any delegation of safekeeping arrangements, identifying the delegate, and spelling out any [[conflict of interest]] that may arise. | *'''Disclosure''': {{tag|UCITS V}} prospectuses must describe any delegation of safekeeping arrangements, identifying the delegate, and spelling out any [[conflict of interest]] that may arise. | ||
*'''No [[rehypothecation]]''': Per Art. {{ucits5prov|22(7)}}, the depositary can’t [[reuse]] fund assets to offset its costs of lending on margin to the {{t|UCITS}}<ref>UCITS shouldn’t generally ''be'' buying on margin, of course.</ref> (though it can put them into an [[Agent lending|agency lending]] programme). | *'''No [[rehypothecation]]''': Per Art. {{ucits5prov|22(7)}}, the depositary can’t [[reuse]] fund assets to offset its costs of lending on margin to the {{t|UCITS}}<ref>UCITS shouldn’t generally ''be'' buying on margin, of course.</ref> (though it can put them into an [[Agent lending|agency lending]] programme). |