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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 27 May 2019 - onwards
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Regulation 119 Depositary subsidiary

(1) Where a UCITS establishes a subsidiary, the depositary shall hold the assets of that subsidiary in accordance with the following:

(a) in compliance with the depositaries safe-keeping duties as specified in -

(i) Regulation 34(4)(a) and (b) of the UCITS Regulations, and

(ii) Articles 13 and 14 of Commission Delegated Regulation No 438/2016 of 17 December 2015 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of depositaries;

(b) in compliance with its cash monitoring obligations as specified in -

(i) Regulation 34(3) of the UCITS Regulations, and

(ii) Articles 9 and 10 of Commission Delegated Regulation No 438/2016 of 17 December 2015 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of depositaries to those assets.

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