C1PART 4MERGERS

Annotations:
Modifications etc. (not altering text)

C1Report by depositary or auditor11

1

A report must be drawn up in respect of a merging F1... UCITS in accordance with this regulation validating—

a

the criteria adopted for valuation of the assets and, where applicable, the liabilities on the date for calculating the exchange ratio F2...;

b

where applicable, the cash payment per unit; and

c

the calculation method of the exchange ratio as well as the actual exchange ratio determined at the date for calculating that ratio F3....

2

The report must be drawn up by—

a

a depositary, or

b

a person who—

i

is eligible for appointment as a statutory auditor under Part 42 of the Companies Act 2006 M1, and

ii

satisfies the independence requirement in section 936 of the Companies Act 2006.

3

The auditors of the merging UCITS and the receiving UCITS must be considered to be independent for the purposes of paragraph (2)(b)(ii).

4

A copy of the report must be made available on request and free of charge to—

a

the unit-holders of the merging UCITS and of the receiving UCITS, and

b

the Authority F4....