Date-stamp loading
Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 1 April 2020 - onwards
  Version 4 of 4    

Article 98 Due diligence

(Articles 21(7) - (9) and 21(11)(c) and (d)(iii) of Directive 2011/61/EU)

1. In order to fulfil the obligations laid down in point (c) of Article 21(11) of Directive 2011/61/EU a depositary shall implement and apply an appropriate documented due diligence procedure for the selection and ongoing monitoring of the delegate. That procedure shall be reviewed regularly, at least once a year, and made available upon request to competent authorities.

2. When selecting and appointing a third party, to whom safekeeping functions are delegated in accordance with Article 21(11) of Directive 2011/61/EU, a depositary shall exercise all due skill, care and diligence to ensure that entrusting financial instruments to this third party provides an adequate standard of protection. It shall at least:

(a) assess the regulatory and legal framework, including country risk, custody risk and the enforceability of the third party's contracts. That assessment shall in particular enable the depositary to determi

Comparing proposed amendment...