The UCITS Directive sets out strict restrictions under which depositaries are allowed to delegate the safekeeping of assets of UCITS, whereas the delegation of depositary functions pursuant to Article 22(3) and (4) of the UCITS Directive (i.e. monitoring of the cash flow and oversight functions) is not permitted. Recital 42 of the AIFMD states that “delegation of supporting tasks that are linked to its depositary tasks, such as administrative or technical functions performed by the depositary as a part of its depositary tasks, is not subject to the specific limitations and requirements set out in the AIFMD”. Does this principle also apply to UCITS depositaries and if so, what are ‘supporting tasks that are linked to depositary tasks such as administrative or technical functions performed as part of the depositary tasks’ and under which conditions would it be possible to entrust third parties with such tasks?