Depositary

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Depositary

An agent appointed for a Tender or Exchange Offer who accepts certificates from shareholders, processes them and assures that the appropriate cash or new securities are properly remitted to the tendering party.

Depositary

1. A person entrusted with something of value, especially an agent in an exchange offer. The depositary in this sense acts as a go-between for the persons or firms making a transaction, ensuring that all securities and/or cash are given to the appropriate recipients.

2. A person or firm who keeps assets or securities on behalf of a client; for example, a bank. See also: Depository.
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The Commission therefore intends with its proposal to clarify and tighten rules on the obligations of depositaries, the delegation of these functions to sub-custodians and above all the liability of depositaries.
"Raising the requirements will inevitably lead to a situation where depositaries feel that the liability risks they can assume exceed the economics of the business case, leading to reduced service offers or withdrawal from certain segments, Robert Priester, director for financial markets and banking supervision at the European Banking Federation (FEB), told Europolitics.
FINANCIAL SERVICES : UCITS: COMMISSION PROPOSES TO INCREASE LIABILITY OF DEPOSITARIES
Depositaries for UCITS funds are obliged, under EU rules, to return all funds originally entrusted to them for safekeeping, but the Commission wants to clarify how to better protect investors if something goes wrong.
The Commission also wants to focus on: clarifying and harmonising depositaries' responsibilities for the assets in their possession; who should be liable if something goes wrong, especially if the assets are distributed in a network of sub-custodians; and what organisational changes should be made.
FINANCIAL SERVICES : MADOFF SCANDAL PROMPTS REVIEW OF UCITS DEPOSITARIES
Steps should be taken to enhance the provision of information in the following areas: the organisation of depositaries' tasks, measures taken against conflicts of interests, depositaries' liability and the costs of their services.
FINANCIAL SERVICES: MORE CONVERGENCE FOR COLLECTIVE INVESTMENT FUNDS

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