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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 27 May 2019 - onwards
    Version 1 of 1    

Regulation 24 Collateral

(1) A responsible person shall ensure, in engaging in efficient portfolio management techniques and instruments, that -

(a) every asset that is received by a UCITS as a result of engaging in efficient portfolio management techniques and instruments is treated as collateral,

(b) such techniques comply with the criteria set down in paragraph (2), and

(c) at all times, collateral that is received by a UCITS meets the criteria specified in Schedule 3.

(2) A responsible person shall ensure that the UCITS risk management process identifies, manages and mitigates risks linked to the management of collateral, including operational risks and legal risks.

(3)

(a) Where a UCITS receives collateral on a title transfer basis, the responsible person shall ensure that that collateral is held by the depositary.

(b) Where a UCITS receives collateral on any basis other than a title transfer basis, that collateral may be held by a third party depositary provided that that depositary is subject to prudent

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