Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast) (Text with EEA relevance)
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Version Superseded: 17/09/2014
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1.The assets of a common fund shall be entrusted to a depositary for safe-keeping.
2.A depositary’s liability as referred to in Article 24 shall not be affected by the fact that it has entrusted to a third party all or some of the assets in its safe-keeping.
3.A depositary shall:
(a)ensure that the sale, issue, repurchase, redemption and cancellation of units effected on behalf of a common fund or by a management company are carried out in accordance with the applicable national law and the fund rules;
(b)ensure that the value of units is calculated in accordance with the applicable national law and the fund rules;
(c)carry out the instructions of the management company, unless they conflict with the applicable national law or the fund rules;
(d)ensure that in transactions involving a common fund’s assets any consideration is remitted to it within the usual time limits;
(e)ensure that a common fund’s income is applied in accordance with the applicable national law and the fund rules.
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