ESMA_QA_1210
01/06/2019
Subject Matter
Depositary tasks entrusted to third parties
Original question
May depositaries entrust third parties with the performance of tasks that would give them the ability to transfer assets belonging to UCITS?
ESMA Answer
01-06-2019
Original language
[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.
Status: Answer Published
Additional Information
Level 1 Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
Topic
Depositaries