Template:Nutshell UCITS V 22a(2)

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.