ESMA · ESMA_QA_1210 Answer Published

Depositary tasks entrusted to third parties

Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
Topic
Depositaries
Submitted
2019-06-01
Answered
2019-06-01
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Question

May depositaries entrust third parties with the performance of tasks that would give them the ability to transfer assets belonging to UCITS?

Answer

[ESMA 34-43-392 UCITS Q&A, section 10, Q&A 3] Yes, where depositaries entrust tasks to third parties and give them the ability to transfer assets belonging to UCITS without requiring the intervention of the depositary, these arrangements are subject to the delegation requirements set out in Article 22a(2) of the UCITS Directive.
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This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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