{
  "url": "https://openlegislation.uk/alternative-investment-fund-managers-regulations-2013/schedule-A1/paragraph-12",
  "json_url": "https://openlegislation.uk/alternative-investment-fund-managers-regulations-2013/schedule-A1/paragraph-12.json",
  "legislation": "uksi/2013/1773",
  "legislation_title": "The Alternative Investment Fund Managers Regulations 2013",
  "legislation_url": "https://openlegislation.uk/alternative-investment-fund-managers-regulations-2013",
  "path": "schedule/A1/paragraph/12",
  "kind": "paragraph",
  "number": "12",
  "heading": null,
  "text": "To specify—\n(a) the particulars that need to be included in the written contract referred to in rule 3.11.19 of the Investment Funds sourcebook;\n(b) general criteria for assessing whether the prudential regulation and supervision of third countries have the same effect as the law of the United Kingdom and are effectively enforced;\n(c) the conditions for performing the depositary functions pursuant to rules 3.11.20, 3.11.21, 3.11.23 and 3.11.25 of the Investment Funds sourcebook, including—\n(i) i)the type of financial instruments to be included in the scope of the depositary's custody duties in accordance with rule 3.11.21 of the Investment Funds sourcebook;\n(ii) the conditions subject to which the depositary is able to exercise its custody duties over financial instruments registered with a central depositary;\n(iii) the conditions subject to which the depositary is to safe-keep the financial instruments issued in a nominative form and registered with an issuer or a registrar, in accordance with rule 3.11.23 of the Investment Funds sourcebook;\n(d) the duties of a depositary to exercise all due skill, care and diligence in the selection and the appointment of any third party to whom it wants to delegate parts of its tasks, and to keep exercising all due skill, care and diligence in the periodic review and ongoing monitoring of any third party to whom it has delegated parts of its tasks and of the arrangements of the third party in respect of the matters delegated to it;\n(e) the obligation for the third party to segregate the assets of the depositary's clients from its own assets and from the assets of the depositary in such a way that they can at any time be clearly identified as belonging to clients of a particular depositary;\n(f) the conditions subject to which and circumstances in which financial instruments held in custody are to be considered as lost;\n(g) what is to be understood by external events beyond reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary pursuant to regulation 30(3);\n(h) the conditions subject to which and circumstances in which there is an objective reason to contract a discharge of the depositary's liabilities pursuant to regulation 30(4).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Regulations revoked (14.12.2023 for the revocation of reg. 79) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(vi)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. A1 inserted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 15(2) (as amended by S.I. 2019/325, reg. 58 and The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 19(b)); 2020 c. 1, Sch. 5 para. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2013/1773/schedule/A1/paragraph/12",
    "retrieved_at": "2026-10-29T00:47:39.456479+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}