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Template:UCITS V 22a(3): Difference between revisions
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{{ | {{ucits5prov|22a(3)}}. The functions referred to in Article {{ucits5prov|22(5)}} may be delegated by the {{ucits5prov|depositary}} to a third party only where that third party at all times during the performance of the tasks delegated to it: <br> | ||
:(a) has structures and expertise that are adequate and proportionate to the nature and complexity of the assets of the {{tag|UCITS}} or the management company acting on behalf of the {{tag|UCITS}} which have been entrusted to it; <br> | :(a) has structures and expertise that are adequate and proportionate to the nature and complexity of the assets of the {{tag|UCITS}} or the management company acting on behalf of the {{tag|UCITS}} which have been entrusted to it; <br> | ||
:(b) for custody tasks referred to in point (a) of Article {{ | :(b) for custody tasks referred to in point (a) of Article {{ucits5prov|22(5)}}, is subject to: <br> | ||
::(i) effective prudential regulation, including minimum capital requirements, and supervision in the jurisdiction concerned; <br> | ::(i) effective prudential regulation, including minimum capital requirements, and supervision in the jurisdiction concerned; <br> | ||
::(ii) an external periodic audit to ensure that the financial instruments are in its possession; <br> | ::(ii) an external periodic audit to ensure that the financial instruments are in its possession; <br> | ||
:(c) segregates the assets of the clients of the {{ | :(c) segregates the assets of the clients of the {{ucits5prov|depositary}} from its own assets and from the assets of the {{ucits5prov|depositary}} in such a way that they can, at any time, be clearly identified as belonging to clients of a particular depositary; <br> | ||
:(d) takes all necessary steps to ensure that in the event of insolvency of the third party, assets of a {{ | :(d) takes all necessary steps to ensure that in the event of insolvency of the third party, assets of a {{ucits5prov|UCITS}} held by the third party in custody are unavailable for distribution among, or realisation for the benefit of, creditors of the third party; and <br> | ||
:(e) complies with the general obligations and prohibitions laid down in Article {{ | :(e) complies with the general obligations and prohibitions laid down in Article {{ucits5prov|22(2)}}, {{ucits5prov|22(5)}} and {{ucits5prov|22(7)}} and in Article {{ucits5prov|25}}.<br> | ||
:Notwithstanding point (b)(i) of the first subparagraph, where the law of a third country requires that certain financial instruments be held in custody by a local entity and no local entities satisfy the delegation requirements laid down in that point, the {{ | :Notwithstanding point (b)(i) of the first subparagraph, where the law of a third country requires that certain financial instruments be held in custody by a local entity and no local entities satisfy the delegation requirements laid down in that point, the {{ucits5prov|depositary}} may delegate its functions to such a local entity only to the extent required by the law of that third country, only for as long as there are no local entities that satisfy the delegation requirements, and only where: | ||
:(a) the investors of the relevant {{tag|UCITS}} are duly informed, prior to their investment, of the fact that such a delegation is required due to legal constraints in the law of the third country, of the circumstances justifying the delegation and of the risks involved in such a delegation; <br> | :(a) the investors of the relevant {{tag|UCITS}} are duly informed, prior to their investment, of the fact that such a delegation is required due to legal constraints in the law of the third country, of the circumstances justifying the delegation and of the risks involved in such a delegation; <br> | ||
:(b) the investment company, or the management company on behalf of the {{tag|UCITS}}, has instructed the depositary to delegate the custody of such financial instruments to such a local entity. <br> | :(b) the investment company, or the management company on behalf of the {{tag|UCITS}}, has instructed the depositary to delegate the custody of such financial instruments to such a local entity. <br> | ||
:The third party may, in turn, sub-delegate those functions, subject to the same requirements. In such a case, Article {{ | :The third party may, in turn, sub-delegate those functions, subject to the same requirements. In such a case, Article {{ucits5prov|24(2)}} shall apply ''mutatis mutandis'' to the relevant parties. <br> | ||