Template:Nutshell UCITS V 22a: Difference between revisions
Jump to navigation
Jump to search
Amwelladmin (talk | contribs) (Created page with "{{ucits5prov|22a(1)}}. The {{ucits5prov|depositary}} may not delegate to third parties the fund administrator functions set out in Article {{ucits5prov|22(3)}} and {{ucits5p...") |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 1: | Line 1: | ||
{{ucits5prov|22a(1)}}. | {{ucits5prov|22a(1)}}. The {{ucits5prov|depositary}} may '''not''' delegate to third parties the fund administrator functions set out in Article {{ucits5prov|22(3)}} and {{ucits5prov|22(4)}} (subscriptions and redemption, calculating [[NAV]], cash monitoring etc). <br> | ||
{{ucits5prov|22a(2)}}. The {{ucits5prov|depositary}} '''may''' delegate the safekeeping functions set out in Article {{ucits5prov|22(5)}} but only where: <br> | |||
:(a) there is no intent to end-run the UCITS rules; <br> | |||
:(b) the {{ucits5prov|depositary}} can show an {{ucits5prov|objective reason}} for the [[delegation]]; | |||
:(c) the {{ucits5prov|depositary}} has exercised all due care in appointing and monitoring the delegate delegate’s continued performance. <br> | |||
Revision as of 16:24, 28 March 2019
22a(1). The depositary may not delegate to third parties the fund administrator functions set out in Article 22(3) and 22(4) (subscriptions and redemption, calculating NAV, cash monitoring etc).
22a(2). The depositary may delegate the safekeeping functions set out in Article 22(5) but only where:
- (a) there is no intent to end-run the UCITS rules;
- (b) the depositary can show an objective reason for the delegation;
- (c) the depositary has exercised all due care in appointing and monitoring the delegate delegate’s continued performance.