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Template:AIFMD 21(14): Difference between revisions
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{{aifmdprov|21(14)}}. Further, where the law of a third country requires that certain financial instruments are held in custody by a local entity and there are no local entities that satisfy the delegation requirements laid down in point (d)(ii) of paragraph {{aifmdprov|11}}, the {{aifmdprov|depositary}} can discharge itself of liability provided that the following conditions are met:<br /> | {{aifmdprov|21(14)}}. Further, where the law of a third country requires that certain financial instruments are held in custody by a local entity and there are no local entities that satisfy the delegation requirements laid down in point {{aifmdprov|21(11)(d)(ii)}} of paragraph {{aifmdprov|21(11)}}, the {{aifmdprov|depositary}} can discharge itself of liability provided that the following conditions are met:<br /> | ||
:(a) the rules or instruments of incorporation of the {{aifmdprov|AIF}} concerned expressly allow for such a discharge under the conditions set out in this paragraph; | :(a) the rules or instruments of incorporation of the {{aifmdprov|AIF}} concerned expressly allow for such a discharge under the conditions set out in this paragraph; | ||
:(b) the investors of the relevant {{aifmdprov|AIF}} have been duly informed of that discharge and of the circumstances justifying the discharge prior to their investment; | :(b) the investors of the relevant {{aifmdprov|AIF}} have been duly informed of that discharge and of the circumstances justifying the discharge prior to their investment; | ||