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Template:UCITS V 22(7): Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "{{ucits5prov|22(7)}}. The assets held in custody by the {{ucits5prov|depositary}} shall not be reused by the {{ucits5prov|depositary}}, or by any third party to which the cu...") |
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{{ucits5prov|22(7)}}. The assets held in custody by the {{ucits5prov|depositary}} shall not be reused by the {{ucits5prov|depositary}}, or by any third party to which the custody function has been delegated, for their own account. Reuse comprises any transaction of assets held in custody including, but not limited to, transferring, pledging, selling and lending. <br> | {{ucits5prov|22(7)}}. The assets held in custody by the {{ucits5prov|depositary}} shall not be reused by the {{ucits5prov|depositary}}, or by any third party to which the custody function has been delegated, for their own account. Reuse comprises any transaction of assets held in custody including, but not limited to, transferring, pledging, selling and lending. <br> | ||
The assets held in custody by the{{ucits5prov|depositary}} are allowed to be reused only where: <br> | The assets held in custody by the {{ucits5prov|depositary}} are allowed to be reused only where: <br> | ||
:(a) the reuse of the assets is executed for the account of the UCITS; | :(a) the reuse of the assets is executed for the account of the UCITS; | ||
:(b) the depositary is carrying out the instructions of the management company on behalf of the UCITS; | :(b) the depositary is carrying out the instructions of the management company on behalf of the UCITS; | ||