ESMA_QA_1213
01/06/2019
Subject Matter
Delegation by a depositary to another legal entity belonging to the same group
Original 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?
ESMA Answer
01-06-2019
Original language
[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.
Status: Answer Published
Additional Information
Level 1 Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
Topic
Depositaries