PART 3Amendments of the Undertakings for Collective Investment in Transferable Securities Regulations 2011
Depositary liability for loss of financial instruments held in custody43
In regulation 15C, in paragraph (1)—
a
for “Article 22.5(a) of the UCITS directive” substitute “rule 6.6B.18 of the Collective Investment Schemes sourcebook”;
b
for “any directly applicable regulation made under Article 26b(f) of the UCITS directive” substitute “Article 18 of 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”.