CHAPTER 4

INDEPENDENCE REQUIREMENTS AND FINAL PROVISIONS
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Common management
Article 21
The management company or the investment company and the depositary shall at all times comply with all of the following requirements:
1. no person may at the same time be both a member of the management body of the management company and a member of the management body of the depositary;
2. no person may at the same time be both a member of the management body of the management company and an employee of the depositary;
3. no person may at the same time be both a member of the management body of the depositary and an employee of the management company or the investment company;
4. where the management body of the management company is not in charge of the supervisory functions within the company, no more than one third of the members of its body in charge of the supervisory functions shall consist of members who are at the same time members of the management body, the body in charge of the supervisory functions or employees of the depositary;
5. where the management body of the depositary is not in charge of the supervisory functions within the depositary, no more than one third of the members of its body in charge of the supervisory functions shall consist of members who are at the same time members of the management body of the management company, or the body in charge of the supervisory functions of the management company or of the investment company or employees of the management company or of the investment company.
Words in Ch. 4 omitted (31.12.2020) by virtue of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 60(25) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)