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Template:AIFMD 21(4): Difference between revisions
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{{aifmdprov|21 | {{aifmdprov|21(4)}}. In order to avoid conflicts of interest between the {{aifmdprov|depositary}}, the {{aifmdprov|AIFM}} and/or the {{aifmdprov|AIF}} and/or its investors: <br> | ||
:(a) an AIFM shall not act as depositary; <br> | :(a) an AIFM shall not act as depositary; <br> | ||
:(b) a {{aifmdprov|prime broker}} acting as counterparty to an {{aifmdprov|AIF}} shall not act as {{aifmdprov|depositary}} for that {{aifmdprov|AIF}}, unless it has functionally and hierarchically separated the performance of its {{aifmdprov|depositary}} functions from its tasks as {{aifmdprov|prime broker}} and the potential {{aifmdprov|conflicts of interest}} are properly identified, managed, monitored and disclosed to the investors of the {{aifmdprov|AIF}}. Delegation by the depositary to such {{aifmdprov|prime broker}} of its custody tasks in accordance with paragraph {{aifmdprov|21.11}} is allowed if the relevant conditions are met. <br> | :(b) a {{aifmdprov|prime broker}} acting as counterparty to an {{aifmdprov|AIF}} shall not act as {{aifmdprov|depositary}} for that {{aifmdprov|AIF}}, unless it has functionally and hierarchically separated the performance of its {{aifmdprov|depositary}} functions from its tasks as {{aifmdprov|prime broker}} and the potential {{aifmdprov|conflicts of interest}} are properly identified, managed, monitored and disclosed to the investors of the {{aifmdprov|AIF}}. Delegation by the depositary to such {{aifmdprov|prime broker}} of its custody tasks in accordance with paragraph {{aifmdprov|21.11}} is allowed if the relevant conditions are met. <br> | ||