CHAPTER IV DEPOSITARY

SECTION 2 General criteria for assessing the prudential regulation and supervision applicable to depositaries in third countries
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Article 84 Criteria for assessing prudential regulation and supervision applicable to a depositary in a third country
... The effectiveness of prudential regulation and supervision applicable to a depositary in a third country whether it has the same effect as that provided for under the law applicable in the United Kingdom, or in any part of the United Kingdom and its effective enforcement shall be assessed against the following criteria:
(a) the depositary is subject to authorisation and ongoing supervision by a public competent authority with adequate resources to fulfil its tasks;
(b) the law of the third country lay down criteria for authorisation as a depositary that have the same effect as those laid down for access to the business of credit institutions or investment firms within the United Kingdom;
Words in Art. 84(b) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 33(2)(b) (as amended by S.I. 2019/325, reg. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)
(c) the capital requirements imposed on the depositary in the third country have the same effect as those applicable in the United Kingdom depending on whether the depositary is of the same nature as a credit institution or investment firm incorporated in, or formed under the law of any part of, the United Kingdom;
Words in Art. 84(c) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 33(2)(c)(i) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)
Words in Art. 84(c) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 33(2)(c)(ii) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)
(d) the operating conditions applicable to a depositary in the third country have the same effect as those laid down for credit institutions or investment firms within the United Kingdom depending on the nature of the depositary;
Words in Art. 84(d) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 33(2)(d) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)
(e) the requirements regarding the performance of the specific duties as AIF depositary established in the law of the third country have the same effect as those provided for in rules 3.11.4, 3.11.5, 3.11.9, 3.11.20, 3.11.21 and 3.11.23 to 3.11.30 of the Investment Funds sourcebook, regulations 29 to 32 of the AIFM Regulations 2013, and Articles 85 to 102 of this Regulation;
Words in Art. 84(e) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 33(2)(e) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)
(f) the law of the third country provides for the application of sufficiently dissuasive enforcement actions in the event of breach by the depositary of the requirements and conditions referred to points (a) to (e).
Words in Art. 84 omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 33(2)(a)(i) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)
Words in Art. 84 substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 33(2)(a)(ii) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)
Words in Ch. 4 Section 2 heading omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 33(1) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)