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Template:UCITS V 22a: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "Article 22a 1. The depositary shall not delegate to third parties the functions referred to in Article 22(3) and (4). <br> 2. The depositary may delegate to third parties...") |
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:(b) the investment company, or the management company on behalf of the UCITS, has instructed the depositary to delegate the custody of such financial instruments to such a local entity. <br> | :(b) the investment company, or the management company on behalf of the UCITS, has instructed the depositary to delegate the custody of such financial instruments to such a local entity. <br> | ||
:The third party may, in turn, sub-delegate those functions, subject to the same requirements. In such a case, Article 24(2) shall apply mutatis mutandis to the relevant parties. <br> | :The third party may, in turn, sub-delegate those functions, subject to the same requirements. In such a case, Article 24(2) shall apply mutatis mutandis to the relevant parties. <br> | ||
4. For the purposes of this Article, the provision of services as specified by Directive 98 | 4. For the purposes of this Article, the provision of services as specified by Directive {{eudirective|98|26|EC}} of the European Parliament and of the Council (23) by securities settlement systems as designated for the purposes of that Directive or the provision of similar services by third-country securities settlement systems shall not be considered to be a delegation of custody functions. | ||