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Depositary - AIFMD Provision: Difference between revisions
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That, in a {{nutshell}}, provides: | That, in a {{nutshell}}, provides: | ||
==={{aifmdprov|21}}: {{aifmdprov|Depositary}}=== | ==={{aifmdprov|21}}: {{aifmdprov|Depositary}}=== | ||
{{aifmdprov|21(1)}}: '''Single depositary per [[AIF]]''': [[AIFM]] must ensure each [[AIF]] has a single Depositary.<br> | {{aifmdprov|21(1)}}: '''Single depositary per [[AIF]]''': [[AIFM]] must ensure each [[AIF]] has a single Depositary.<br> | ||
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{{aifmdprov|21(11)}} '''Limited right of delegation of custody obligations only''': Depositary cannot delegate to third parties, except for safekeeping obligations under paragraph {{aifmdprov|21(8)}}, wherein it is ok as long as: <br> | {{aifmdprov|21(11)}} '''Limited right of delegation of custody obligations only''': Depositary cannot delegate to third parties, except for safekeeping obligations under paragraph {{aifmdprov|21(8)}}, wherein it is ok as long as: <br> | ||
:(a) not intended to avoid requirements of AIFMD; <br> | :(a) not intended to avoid requirements of AIFMD; <br> | ||
:(b) there is an "objective reason" | :(b) there is an "{{aifmdprov|objective reason}}" for the delegation. <br> | ||
:(c) depositary has exercised all due skill, care and diligence in selecting the delegate; <br> | :(c) depositary has exercised all due skill, care and diligence in selecting the delegate; <br> | ||
:(d) the delegate ([[sub-custodian]]): <br> | :(d) the delegate ([[sub-custodian]]): <br> | ||
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{{aifmdprov|21(16)}} '''Information''': The depositary must make all information it receives in course of performing its duties available to its competent authorities, on request.<br> | {{aifmdprov|21(16)}} '''Information''': The depositary must make all information it receives in course of performing its duties available to its competent authorities, on request.<br> | ||
{{aifmdprov|21(17)}} '''Certain other measures''': The Commission shall adopt, by means of delegated acts in accordance with Article 56 and subject to the conditions of Articles 57 and 58, certain measures.<br> | {{aifmdprov|21(17)}} '''Certain other measures''': The Commission shall adopt, by means of delegated acts in accordance with Article 56 and subject to the conditions of Articles 57 and 58, certain measures.<br> | ||
{{aifmdanatomy}} | {{aifmdanatomy}} | ||