F1PART 5ADEPOSITARIES

Annotations:
Amendments (Textual)

Depositary liability: general provisions15B

1

This regulation, and regulations 15C and 15D, apply in relation to the depositary of a F2UK UCITS.

2

Any liability of the depositary to the UCITS, or to unit-holders of the UCITS, under regulation 15C or 15D is not affected by—

a

any delegation by the depositary of its functions as referred to in F3rules 6.6B.25, 6.6B.26 and 6.6B.27 of the Collective Investment Schemes sourcebook;

b

any contractual provision that purports to exclude or limit the depositary’s liability for losses under regulation 15C or 15D; or

c

any exclusion or limitation by agreement of the depositary’s liability for losses under regulation 15C or 15D.

3

Any provision or agreement that falls within paragraph (2)(b) or (c) will be void.

4

Any obligation or liability of a depositary under regulation 15C or 15D to the unit-holders of the UCITS may be invoked either directly or indirectly through the management company provided that this does not lead to a duplication of redress or to unequal treatment of unit-holders.