Template:Nutshell UCITS V 22(7)

22(7). Neither the depositary nor any delegated custodian may reuse the UCITS’ assets for its own account. “Reuse” includes transferring, pledging, selling and lending the assets.
The UCITS’ assets can only be reused where:

(a) for the UCITS’ own account;

(b) on the instructions of the management company on the the UCITS’ behalf;

(c) the reuse is for the UCITS’ benefit and in the interest of the unit holders; and

(d) the transaction is covered by high-quality liquid collateral received by the UCITS under a title transfer arrangement having a market value at least equal to the market value of the reused assets plus a premium.