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Amwelladmin (talk | contribs) (Created page with "===“External event beyond its reasonable control”=== Both AIFMD (Art {{aifmdprov|21(12)}}) and UCITS (Art {{ucits5prov|24}}) exempt the depositary for liability from l...") |
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===“[[External event beyond its reasonable control]]”=== | ===“[[External event beyond its reasonable control]]”=== | ||
Both AIFMD (Art {{aifmdprov|21(12)}}) and UCITS (Art {{ucits5prov|24}}) exempt the depositary for liability from loss arising from “an external event beyond its reasonable control”. So the unexpected insolvency of a delegate or subcustodian is an event beyond the depositary’s reasonable control, right? This was certainly the hopeful expectation of the European Banking Federation in its submissions to that effect of September | Both AIFMD (Art {{aifmdprov|21(12)}}) and UCITS (Art {{ucits5prov|24}}) exempt the depositary for liability from loss arising from “an external event beyond its reasonable control”. So the unexpected insolvency of a delegate or subcustodian is an event beyond the depositary’s reasonable control, right? This was certainly the hopeful expectation of the European Banking Federation in its submissions to that effect of September 2011<ref>See [http://www.ebf-fbe.eu/uploads/documents/positions/FinMark/D1444E-2011_EBF_Response_to_ESMA_AIFMD_implementing_measures_consultation.pdf here].</ref>. | ||
''Wrong''. According to ESMA’s final 500-page bunker-busting advice from 2011<ref>Which you can find [https://www.esma.europa.eu/system/files_force/library/2015/11/2011_379.pdf here, at page 182].</ref>: | ''Wrong''. According to ESMA’s final 500-page bunker-busting advice from 2011<ref>Which you can find [https://www.esma.europa.eu/system/files_force/library/2015/11/2011_379.pdf here, at page 182].</ref>: | ||