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Commission Delegated Regulation (EU) 2016/438Show full title
Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of depositaries (Text with EEA relevance)
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- Revised 01/04/20200.28 MB
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Changes and effects yet to be applied to Article 22:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 3
Article 22U.K.Appointment of depositary and delegation of safekeeping
1.The management company or the investment company shall have in place a decision-making process for choosing and appointing the depositary, which shall be based on objective pre-defined criteria and meet the sole interest of the [F1UK UCITS] and the investors of the [F1UK UCITS].
2.Where the management company or the investment company appoints a depositary to which it has a link or a group link, it shall keep documentary evidence of the following:
(a)an assessment comparing the merits of appointing a depositary with a link or a group link with the merits of appointing a depositary which has no link or no group link with the management company or the investment company, taking into account at least the costs, the expertise, financial standing and the quality of services provided by all depositaries assessed;
(b)a report, based on the assessment referred to in point (a), describing the way in which the appointment meets the objective pre-defined criteria referred to in paragraph 1 and is made in the sole interest of the [F1UK UCITS] and the investors of the [F1UK UCITS].
[F23.The management company or the investment company shall demonstrate to the competent authority F3... that it is satisfied with the appointment of the depositary and that the appointment is in the sole interest of the [F1UK UCITS] and the investors of the [F1UK UCITS]. The management company or the investment company shall make the documentary evidence referred to in paragraph 2 available to the competent authority F3... .]
4.The management company or the investment company shall justify to investors of the [F1UK UCITS], upon request, the choice of the depositary.
5.The depositary shall have in place a decision-making process for choosing third parties to whom it may delegate the safekeeping functions in accordance with [F4rules 6.6B.22, 6.6B.25, 6.6B.26 and 6.6B.27 of the Collective Investment Schemes sourcebook], which shall be based on objective pre-defined criteria and meet the sole interest of the [F1UK UCITS] and the investors of the [F1UK UCITS].
Textual Amendments
F1Word in Regulation substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 60(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Substituted by Commission Delegated Regulation (EU) 2018/1619 of 12 July 2018 amending Delegated Regulation (EU) 2016/438 as regards safe-keeping duties of depositaries (Text with EEA relevance).
F3Words in Art. 22(3) omitted (31.12.2020) by virtue of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 60(26)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in Art. 22(5) substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 60(26)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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