3.
Member States shall ensure that investment firms do not deposit financial instruments held on behalf of clients with a third party in a third country that does not regulate the holding and safekeeping of financial instruments for the account of another person unless one of the following conditions is met: the nature of the financial instruments or of the investment services connected with those instruments requires them to be deposited with a third party in that third country; where the financial instruments are held on behalf of a professional client, that client requests the firm in writing to deposit them with a third party in that third country.
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Source: EUR-Lex (Cellar) · retrieved 2026-10-29 · Text as adopted (Official Journal); later amendments are not incorporated in this text.