Template:Ucits delegaton versus aifmd delegation
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UCITS Art 22a looks a lot like AIFMD Art 21(11) doesn’t it?
Yes, it does. the textual differences are largely formal, or mutatis mutandis style. The main substantive differences are:
- A UCITS depositary is not allowed to reuse the UCITS’ assets at all, rather that only with prior notification and consent as under AIFMD;
- A UCITS depositarymust take all necessary steps to ensure UCITS’ assets aren’t caught up in the bankruptcy estate of an insolvent custodian;
- Where a non-EEA jurisdiction requires use of a local custodian and no local entities satisfy the delegation requirements, UCITS investors must be notified of the risks of such a delegation and not just the fact or, and circumstances justifying, it.