ESMA · ESMA_QA_1213 Answer Published

Delegation by a depositary to another legal entity belonging to the same group

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

Where a depositary delegates some of its functions to another legal entity which belongs to the same group, should this be considered a delegation for the purposes of the application of the depositary delegation rules under Article 22a of the UCITS Directive?

Answer

[ESMA 34-43-392 UCITS Q&A, section 10, Q&A 6] Yes. Legal entities within the same group of a depositary should be considered ‘third parties’ for the purpose of the depositary delegation rules under Article 22a 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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