Template:UCITS V 22(5)

Template:Ucitsprov. The assets of the UCITS shall be entrusted to the Template:Ucitsprov for safekeeping as follows:

(a) for financial instruments that may be held in custody, the Template:Ucitsprov shall:

(i) hold in custody all financial instruments that may be registered in a financial instruments account opened in the Template:Ucitsprov’s books and all financial instruments that can be physically delivered to the Template:Ucitsprov;

(ii) ensure that all financial instruments that can be registered in a financial instruments account opened in the Template:Ucitsprov’s books are registered in the Template:Ucitsprov’s books within segregated accounts in accordance with the principles set out in Article 16 of Directive 2006/73/EC (EUR Lex), opened in the name of the UCITS or the management company acting on behalf of the UCITS, so that they can be clearly identified as belonging to the UCITS in accordance with the applicable law at all times;

(b) for other assets, the Template:Ucitsprov shall:

(i) verify the ownership by the UCITS, or by the management company acting on behalf of the UCITS, of such assets by assessing whether the UCITS or the management company acting on behalf of the UCITS holds the ownership based on information or documents provided by the UCITS or by the management company and, where available, on external evidence;

(ii) maintain a record of those assets for which it is satisfied that the UCITS or the management company acting on behalf of the UCITS holds the ownership and keep that record up to date.