President’s Working Group Report on Money Market Fund Reform Options
President’s Working Group Report on Money Market Fund Reform Options
The issue of liability is most relevant where custody is delegated. According to Article 22(2), the depositary's liability 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. The UCITS Directive contains no further provisions governing liability for the loss of a financial instrument where custody has been delegated to a third party. This issue is left to the general principle expressed in Article 22(2), which gives a wide margi