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New version applies from 17/09/2014 — introduced by Undertakings for Collective Investment in Transferable Securities Directive. 147 provisions change. Later versions: 01/01/2019, 07/01/2020, 26/06/2021, 02/08/2021, 01/01/2023, 09/01/2024, 17/01/2025, 16/04/2026. Article 22 changes in this version: compare with the current text.

Article 22

Article 22

1.The assets of a common fund shall be entrusted to a depositary for safe-keeping.

2.A depositary’s liability as referred to in Article 24 shall not be affected by the fact that it has entrusted to a third party all or some of the assets in its safe-keeping.

3.A depositary shall:

(a)

ensure that the sale, issue, repurchase, redemption and cancellation of units effected on behalf of a common fund or by a management company are carried out in accordance with the applicable national law and the fund rules;

(b)

ensure that the value of units is calculated in accordance with the applicable national law and the fund rules;

(c)

carry out the instructions of the management company, unless they conflict with the applicable national law or the fund rules;

(d)

ensure that in transactions involving a common fund’s assets any consideration is remitted to it within the usual time limits;

(e)

ensure that a common fund’s income is applied in accordance with the applicable national law and the fund rules.

Official text · consolidated version 20/06/2013 (no longer in force) Open full page ↗
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