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Third party - AIFMD Provision: Difference between revisions
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{{box|(39) It should be possible for a {{aifmdprov|depositary}} to delegate the safe-keeping of assets to a {{aifmdprov|third party}} which, in its turn, should be able to delegate that function. However, delegation and sub-delegation should be objectively justified and subject to strict requirements in relation to the suitability of the third party entrusted with the delegated function, and in relation to the due skill, care and diligence that the {{aifmdprov|depositary}} should employ to select, appoint and review that {{aifmdprov|third party}}. <br> | {{box|(39) It should be possible for a {{aifmdprov|depositary}} to delegate the safe-keeping of assets to a {{aifmdprov|third party}} which, in its turn, should be able to delegate that function. However, delegation and sub-delegation should be objectively justified and subject to strict requirements in relation to the suitability of the third party entrusted with the delegated function, and in relation to the due skill, care and diligence that the {{aifmdprov|depositary}} should employ to select, appoint and review that {{aifmdprov|third party}}. <br> | ||
(40) A {{aifmdprov|third party}} to whom the safe-keeping of assets is delegated should be able to maintain a common segregated account for multiple {{aifmdprov|AIF}}s, a so-called "[[omnibus account]]".}} | (40) A {{aifmdprov|third party}} to whom the safe-keeping of assets is delegated should be able to maintain a common segregated account for multiple {{aifmdprov|AIF}}s, a so-called "[[omnibus account]]".}} | ||
Of particular interest to depositaries who are thinking of delegating, under {{aifmdprov|21(14)}}, the safe-keeping of assets to a custodian in a third country who does not meet the criteria in Article {{aifmdprov|21(11)(d)}} | |||
===See also=== | ===See also=== | ||
*{{aifmdprov|Depositary}} | *{{aifmdprov|Depositary}} | ||