Template:Nutshell AIFMD 21(13)

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21(13) Liability not affected by delegation except in certain circumstances: The depositary’s liability is be affected by any delegation under paragraph 21(11). However the depositary may discharge itself of liability if it can prove that:

(a) all requirements for the delegation of its custody tasks set out in the second subparagraph of paragraph 21(11) are met;
(b) a written contract between the depositary and the delegate sub-custodian expressly transfers the liability of the depositary to that delegate sub-custodian so that the AIF can claim directly against it; and
(c) AIF expressly discharges the depositary’s liability under a written contract and establishes an "objective reason" for a discharge.