Delegation of depositary functions - UCITS V Provision: Difference between revisions

According to recital 15 of the [http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2016.078.01.0011.01.ENG level 2 delegated regulations] under {{tag|UCITS V}} (makes you weep, doesn't it) “''when delegating safekeeping functions to a third party in accordance with Article {{ucitsprov|22a}} of {{eudirective|2009|65|EC}}, the {{ucitsprov|depositary}} is required to implement and apply an appropriate and documented procedure to ensure that the delegate complies with the requirements of Article  {{ucitsprov|22a(3)}} of that Directive at all times. In order to ensure a sufficient level of protection of assets, it is necessary to set out certain principles that should be applied in relation to the delegation of safekeeping functions.''”

1.  A {{ucitsprov|depositary}} shall be deemed to comply with the requirements set out in point (a) of Article 22(5) of {{eudirective|2009|65|EC}} with respect to financial instruments to be held in custody where it ensures that:

:(a) the financial instruments are properly registered in accordance with Article {{ucitsprov|22(5)}}(a)(ii) of {{eudirective|2009|65|EC}};

:(c) reconciliations are conducted on a regular basis between the {{ucitsprov|depositary}}’s internal accounts and records and those of any third party to whom safekeeping has been delegated in accordance with Article {{ucitsprov|22a}} of {{eudirective|2009|65|EC}};