Recital 30

(30)On 12 July 2010, the Commission proposed amendments to Directive 97/9/EC of the European Parliament and of the Council ¹² in order to provide a high level of protection for UCITS investors where a depositary cannot meet its obligations. That proposal is supplemented by a clarification of the obligations and scope of the liability of the depositary and the third party to which the safekeeping functions have been delegated in this Directive.