Member States and thus differences in investor protection. Some Member States apply a so- called 'strict' liability regime, where the depositary has an immediate obligation to return the lost asset to the UCITS, while others take the view that the loss of assets does not always imply an unjustifiable failure to perform its duties on the part of the depositary that should lead to liability for that depositary. As a consequence, the liability standard is not the same in all Member States. .
