Depositary - UCITS V Provision: Difference between revisions

''(20) It is necessary to lay down the conditions for the {{ucitsprov|delegation}} of the depositary’s safekeeping duties to a third party. Delegation and sub-delegation should be {{ucitsprov|objectively}} justified and subject to strict requirements in relation to the suitability of the third party entrusted with the delegated function, and in relation to the due skill, care and diligence that the depositary should employ to select, appoint and review that third party. For the purpose of achieving uniform market conditions and an equally high level of investor protection, such conditions should be aligned with those applicable under Directive {{eudirective|2011|61|EU}}. Provisions should be adopted to ensure that third parties to which safekeeping functions have been delegated have the necessary means to perform their duties and that they segregate the assets of the UCITS.''

===Comparison of UCITS and AIFMD Depositary Regimes===