ESMA_QA_1213

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1213

---

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: Delegation by a depositary to another legal entity belonging to the same group

---

Question

Submission Date: 01 June 2019

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

Answer Date: 01-06-2019

[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.

---

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