Template:Nutshell UCITS V 22a(2)
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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.