{
  "url": "https://openlegislation.uk/eu-regulation-2016-438",
  "json_url": "https://openlegislation.uk/eu-regulation-2016-438.json",
  "id": "eur/2016/438",
  "title": "Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of depositaries (Text with EEA relevance)",
  "short_title": "Regulation (EU) 2016/438 supplementing Directive 2009/65/EC of the European Parliament and of the Council…",
  "long_title": "Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of depositaries (Text with EEA relevance)",
  "citation": "EU Regulation 2016/438",
  "type": "eur",
  "year": "2016",
  "number": "438",
  "version": "current",
  "date": "2015-12-17",
  "revised": false,
  "valid_from": null,
  "extent": "E+W+S+N.I.",
  "unapplied_effects": 3,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/1",
      "kind": "chapter",
      "number": "1",
      "heading": "DEFINITIONS AND DETAILS OF THE WRITTEN CONTRACT",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/1",
      "kind": "article",
      "number": "1",
      "heading": "Definitions",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/1"
    },
    {
      "path": "article/2",
      "kind": "article",
      "number": "2",
      "heading": "Contract for the appointment of a depositary",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/1"
    },
    {
      "path": "chapter/2",
      "kind": "chapter",
      "number": "2",
      "heading": "DEPOSITARY FUNCTIONS, DUE DILIGENCE DUTIES, SEGREGATION OBLIGATION AND INSOLVENCY PROTECTION",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/3",
      "kind": "article",
      "number": "3",
      "heading": "Oversight duties — general requirements",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/4",
      "kind": "article",
      "number": "4",
      "heading": "Duties regarding subscription and redemptions",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/5",
      "kind": "article",
      "number": "5",
      "heading": "Duties regarding the valuation of units",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/6",
      "kind": "article",
      "number": "6",
      "heading": "Duties regarding the carrying out of the UK UCITS' instructions",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-6",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/7",
      "kind": "article",
      "number": "7",
      "heading": "Duties regarding the timely settlement of transactions",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/8",
      "kind": "article",
      "number": "8",
      "heading": "Duties related to the UK UCITS' income calculation and distribution",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-8",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/9",
      "kind": "article",
      "number": "9",
      "heading": "Cash monitoring — general requirements",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-9",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/10",
      "kind": "article",
      "number": "10",
      "heading": "Monitoring of the UK UCITS' cash flows",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-10",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/11",
      "kind": "article",
      "number": "11",
      "heading": "Duties regarding payments upon the subscriptions",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-11",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/12",
      "kind": "article",
      "number": "12",
      "heading": "Financial instruments to be held in custody",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-12",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/13",
      "kind": "article",
      "number": "13",
      "heading": "Safekeeping duties with regard to assets held in custody",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-13",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/14",
      "kind": "article",
      "number": "14",
      "heading": "Safekeeping duties regarding ownership verification and record keeping",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-14",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/15",
      "kind": "article",
      "number": "15",
      "heading": "Due diligence",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-15",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/16",
      "kind": "article",
      "number": "16",
      "heading": "Segregation obligation",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-16",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/17",
      "kind": "article",
      "number": "17",
      "heading": "Insolvency protection of UK UCITS assets when delegating custody functions",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-17",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "chapter/3",
      "kind": "chapter",
      "number": "3",
      "heading": "LOSS OF FINANCIAL INSTRUMENTS AND LIABILITY DISCHARGE",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/18",
      "kind": "article",
      "number": "18",
      "heading": "Loss of a financial instrument held in custody",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-18",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/3"
    },
    {
      "path": "article/19",
      "kind": "article",
      "number": "19",
      "heading": "Liability discharge",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-19",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/3"
    },
    {
      "path": "chapter/4",
      "kind": "chapter",
      "number": "4",
      "heading": "INDEPENDENCE REQUIREMENTS AND FINAL PROVISIONS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/20",
      "kind": "article",
      "number": "20",
      "heading": "Management body",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-20",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/4"
    },
    {
      "path": "article/21",
      "kind": "article",
      "number": "21",
      "heading": "Common management",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-21",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/4"
    },
    {
      "path": "article/22",
      "kind": "article",
      "number": "22",
      "heading": "Appointment of depositary and delegation of safekeeping",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-22",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/4"
    },
    {
      "path": "article/23",
      "kind": "article",
      "number": "23",
      "heading": "Conflicts of interest",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-23",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/4"
    },
    {
      "path": "article/24",
      "kind": "article",
      "number": "24",
      "heading": "Independence of management boards and supervisory functions",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-24",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/4"
    },
    {
      "path": "article/25",
      "kind": "article",
      "number": "25",
      "heading": "Entry into force and application",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/article-25",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/4"
    },
    {
      "path": "signature",
      "kind": "signature",
      "number": null,
      "heading": "Signature",
      "url": "https://openlegislation.uk/eu-regulation-2016-438/signature",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    }
  ],
  "outstanding_effects": [
    {
      "type": "revoked",
      "affected_provisions": "Regulation",
      "affecting": "ukpga/2023/29",
      "affecting_title": "Financial Services and Markets Act 2023",
      "affecting_provisions": "Sch. 1 Pt. 3"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2016/438",
    "retrieved_at": "2026-10-31T17:50:24.370655+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."
}