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Template:Nutshell AIFMD 21(13): Difference between revisions
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{{aifmdprov|21(13)}} '''Liability not affected by delegation except in certain circumstances''': The {{aifmdprov|depositary}}’s liability is be affected by any delegation under paragraph {{aifmdprov|21(11)}}. However the {{aifmdprov|depositary}} may discharge itself of liability if it can prove that: <br> | {{aifmdprov|21(13)}} '''{{aifmdprov|Liability not affected by delegation except in certain circumstances}}''': The {{aifmdprov|depositary}}’s liability is be affected by any delegation under paragraph {{aifmdprov|21(11)}}. However the {{aifmdprov|depositary}} may discharge itself of liability if it can prove that: <br> | ||
:(a) all requirements for the delegation of its custody tasks set out in the second subparagraph of paragraph {{aifmdprov|21(11)}} are met; <br> | :(a) all requirements for the delegation of its custody tasks set out in the second subparagraph of paragraph {{aifmdprov|21(11)}} are met; <br> | ||
:(b) a written contract between the {{aifmdprov|depositary}} and the delegate [[sub-custodian]] expressly transfers the liability of the {{aifmdprov|depositary}} to that delegate [[sub-custodian]] so that the [[AIF]] can claim directly against it; and <br> | :(b) a written contract between the {{aifmdprov|depositary}} and the delegate [[sub-custodian]] expressly transfers the liability of the {{aifmdprov|depositary}} to that delegate [[sub-custodian]] so that the [[AIF]] can claim directly against it; and <br> | ||
:(c) [[AIF]] expressly discharges the depositary’s liability under a written contract and establishes an “{{aifmdprov|objective reason}}” for a discharge. <br> | :(c) [[AIF]] expressly discharges the depositary’s liability under a written contract and establishes an “{{aifmdprov|objective reason}}” for a discharge. <br> | ||