The Undertakings for Collective Investment in Transferable Securities Regulations 2011 No. 1613

[F1 PART 5A U.K. DEPOSITARIES

Textual Amendments

F1 Pts. 5A, 5B inserted (18.3.2016) by The Undertakings for Collective Investment in Transferable Securities Regulations 2016 (S.I. 2016/225), regs. 1, 3(3)

Depositary liability: general provisions U.K.

15B.— (1) This regulation, and regulations 15C and 15D, apply in relation to the depositary of a [F2 UK] 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 [F3 rules 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.]

Textual Amendments

F2 Word in reg. 15B(1) inserted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 42(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F3 Words in reg. 15B(2)(a) substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 42(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)