(1) This regulation and regulations 30 to 32 apply in relation to the depositary of a UK AIF managed by a full-scope UK AIFM or a Gibraltar AIFM.

(2) Any obligation or liability of a depositary under regulation 30 or 31 to the investors of the AIF may be invoked directly or indirectly through the AIFM, depending on the nature of the legal relationship between the depositary, the AIFM and the investors.

(3) For the purposes of regulations 30 to 32, the provision of services as specified by the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 [S.I. 1999/2979, to which there are amendments which are not relevant to this instrument.] by a designated system (within the meaning of regulation 2(1) of those Regulations), or the provision of similar services by a third-country securities settlement system, is not to be considered a delegation of custody functions.