ESMA_QA_1138

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1138

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Regulatory Context

Regulation : UCITS

Level 1 Regulation: Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: UCITS eligible assets and investment restrictions

Subject Matter: KIID Collateral management

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Question

Submission Date: 01 October 2016

When there is transfer of title, can the collateral be held by a custodian that is not the depositary of the UCITS?

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ESMA Answer

Answer Date: 01-10-2016

[ESMA 34-43-392 UCITS Q&A, section 3, Q&A 6e] Yes, but only if the UCITS’ depositary has delegated the custody of the collateral to a sub-custodian and the depositary remains liable if the collateral is lost by the sub-custodian.

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This document was automatically extracted from the ESMA EMIR Q&A database.