(Article 21(12) and (13) of Directive 2011/61/EU)
1. A loss of a financial instrument held in custody within the meaning of Article 21(12) of Directive 2011/61/EU shall be deemed to have taken place when, in relation to a financial instrument held in custody by the depositary or by a third party to whom the custody of financial instruments held in custody has been delegated, any of the following conditions is met:
(a) a stated right of ownership of the AIF is demonstrated not to be valid because it either ceased to exist or never existed;
(b) the AIF has been definitively deprived of its right of ownership over the financial instrument;
(c) the AIF is definitively unable to directly or indirectly dispose of the financial instrument.
2. The ascertainment by the AIFM of the loss of a financial instrument shall follow a documented process readily available to the competent authorities. Once a loss is ascertained, it shall be notified immediately to investors in a durable medium.
3. A fina
…