1.Member States shall ensure that the depositary is liable to the UCITS and to the unit-holders of the UCITS for the loss by the depositary or a third party to whom the custody of financial instruments held in custody in accordance with point (a) of Article 22(5) has been delegated.
In the case of a loss of a financial instrument held in custody, Member States shall ensure that the depositary returns a financial instrument of an identical type or the corresponding amount to the UCITS or the management company acting on behalf of the UCITS without undue delay. The depositary shall not be liable if it can prove that the loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary.
AMember States shall ensure that the depositary shall,is in accordance with the national law of the UCITS home Member State, bealso liable to the management companyUCITS, and to the unit-holdersinvestors of the UCITS, for anyall lossother losses suffered by them as a result of itsthe unjustifiabledepositary’s negligent or intentional failure to performproperly fulfil its obligations orpursuant itsto improperthis performance of them.Directive.
2.The liability of the depositary referred to in paragraph 1 shall not be affected by any delegation as referred to in Article 22a.
3.The liability of the depositary referred to in paragraph 1 shall not be excluded or limited by agreement.
4.Any agreement that contravenes paragraph 3 shall be void.
5. LiabilityUnit-holders toin unit-holdersthe UCITS may beinvoke invokedthe liability of the depositary directly or indirectly through the management company,company depending onor the legalinvestment naturecompany provided that this does not lead to a duplication of redress or to unequal treatment of the relationship between the depositary, the management company and the unit-holders.