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Template:AIFMD 21(12): Difference between revisions
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{{aifmdprov|21(12)}}. The {{aifmdprov|depositary}} shall be liable to the {{aifmdprov|AIF}} or to the investors of the {{aifmdprov|AIF}}, for the loss by the {{aifmdprov|depositary}} or a third party to whom the custody of {{aifmdprov|financial instruments}} held in custody in accordance with point (a) of paragraph 8 has been delegated. <br> | {{aifmdprov|21(12)}}. The {{aifmdprov|depositary}} shall be liable to the {{aifmdprov|AIF}} or to the investors of the {{aifmdprov|AIF}}, for the loss by the {{aifmdprov|depositary}} or a third party to whom the custody of {{aifmdprov|financial instruments}} held in custody in accordance with point (a) of paragraph [[21(8)(a) - AIFMD Provision|8]] has been delegated. <br> | ||
In the case of such a loss of a {{aifmdprov|financial instrument}} held in custody, the {{aifmdprov|depositary}} shall return a {{aifmdprov|financial instrument}} of identical type or the corresponding amount to the {{aifmdprov|AIF}} or the {{aifmdprov|AIFM}} acting on behalf of the {{aifmdprov|AIF}} without undue delay. The {{aifmdprov|depositary}} shall not be liable if it can prove that the loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. <br> | In the case of such a loss of a {{aifmdprov|financial instrument}} held in custody, the {{aifmdprov|depositary}} shall return a {{aifmdprov|financial instrument}} of identical type or the corresponding amount to the {{aifmdprov|AIF}} or the {{aifmdprov|AIFM}} acting on behalf of the {{aifmdprov|AIF}} without undue delay. The {{aifmdprov|depositary}} shall not be liable if it can prove that the loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. <br> | ||
The {{aifmdprov|depositary}} shall also be liable to the {{aifmdprov|AIF}}, or to the investors of the {{aifmdprov|AIF}}, for all other losses suffered by them as a result of the {{aifmdprov|depositary}}’s [[negligent]] or intentional failure to properly fulfil its obligations pursuant to this Directive. <br> | The {{aifmdprov|depositary}} shall also be liable to the {{aifmdprov|AIF}}, or to the investors of the {{aifmdprov|AIF}}, for all other losses suffered by them as a result of the {{aifmdprov|depositary}}’s [[negligent]] or intentional failure to properly fulfil its obligations pursuant to this Directive. <br> | ||