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| {{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> | | {{Nutshell UCITS V 22a(1)}} |
| {{ucits5prov|22a(2)}}. The {{ucits5prov|depositary}} '''may''' delegate the safekeeping functions set out in Article {{ucits5prov|22(5)}} but only where: <br> | | {{Nutshell UCITS V 22a(2)}} |
| :(a) there is no intent to end-run the UCITS rules; <br>
| | {{Nutshell UCITS V 22a(3)}} |
| :(b) the {{ucits5prov|depositary}} can show an {{ucits5prov|objective reason}} for the [[delegation]];
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| :(c) the {{ucits5prov|depositary}} has exercised all due care in appointing and monitoring the delegate delegate’s continued performance. <br>
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