ESMA_QA_1210

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1210

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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: Depositaries

Subject Matter: Depositary tasks entrusted to third parties

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Question

Submission Date: 01 June 2019

May depositaries entrust third parties with the performance of tasks that would give them the ability to transfer assets belonging to UCITS?

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ESMA Answer

Answer Date: 01-06-2019

[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.

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