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Template:UCITS V 24: Difference between revisions
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{{ucits5prov|24}}<br> | <center>'''Article {{ucits5prov|24}}'''</center><br> | ||
{{ucits5prov|24(1)}}. [[Member State - MiFID 2 Provision|Member States]] shall ensure that the {{ucits5prov|depositary}} is liable to the UCITS and to the unit-holders of the UCITS for the loss by the {{ucits5prov|depositary}} or a third party to whom the custody of financial instruments held in custody in accordance with point (a) of Article {{ucits5prov|22(5)}} has been delegated.<br> | |||
{{ucits5prov|24(1)}}. Member States shall ensure that the {{ucits5prov|depositary}} is liable to the UCITS and to the unit-holders of the UCITS for the loss by the {{ucits5prov|depositary}} or a third party to whom the custody of financial instruments held in custody in accordance with point (a) of Article {{ucits5prov|22(5)}} has been delegated.<br> | |||
In the case of a loss of a [[financial instrument]] held in [[custody]], [[Member State - MiFID 2 Provision|Member States]] shall ensure that the {{ucits5prov|depositary}} returns a [[financial instrument]] of an [[Fungible|identical type]] or the corresponding amount to the {{tag|UCITS}} or the management company acting on behalf of the {{tag|UCITS}} without undue delay. The {{ucits5prov|depositary}} shall not be liable if it can prove that the loss has arisen as a result of an [[Force majeure|external event beyond its reasonable control]], the consequences of which would have been unavoidable despite all [[reasonable]] efforts to the contrary.<br> | In the case of a loss of a [[financial instrument]] held in [[custody]], [[Member State - MiFID 2 Provision|Member States]] shall ensure that the {{ucits5prov|depositary}} returns a [[financial instrument]] of an [[Fungible|identical type]] or the corresponding amount to the {{tag|UCITS}} or the management company acting on behalf of the {{tag|UCITS}} without undue delay. The {{ucits5prov|depositary}} shall not be liable if it can prove that the loss has arisen as a result of an [[Force majeure|external event beyond its reasonable control]], the consequences of which would have been unavoidable despite all [[reasonable]] efforts to the contrary.<br> | ||