1.The management company or the investment company shall have in place a decision-making process for choosing and appointing the depositary, which shall be based on objective pre-defined criteria and meet the sole interest of the [F2UK UCITS] and the investors of the [F2UK UCITS].
2.Where the management company or the investment company appoints a depositary to which it has a link or a group link, it shall keep documentary evidence of the following:
(a)an assessment comparing the merits of appointing a depositary with a link or a group link with the merits of appointing a depositary which has no link or no group link with the management company or the investment company, taking into account at least the costs, the expertise, financial standing and the quality of services provided by all depositaries assessed;
(b)a report, based on the assessment referred to in point (a), describing the way in which the appointment meets the objective pre-defined criteria referred to in paragraph 1 and is made in the sole interest of the [F2UK UCITS] and the investors of the [F2UK UCITS].
[F33.The management company or the investment company shall demonstrate to the competent authority F4... that it is satisfied with the appointment of the depositary and that the appointment is in the sole interest of the [F2UK UCITS] and the investors of the [F2UK UCITS]. The management company or the investment company shall make the documentary evidence referred to in paragraph 2 available to the competent authority F4... .]
4.The management company or the investment company shall justify to investors of the [F2UK UCITS], upon request, the choice of the depositary.
5.The depositary shall have in place a decision-making process for choosing third parties to whom it may delegate the safekeeping functions in accordance with [F5rules 6.6B.22, 6.6B.25, 6.6B.26 and 6.6B.27 of the Collective Investment Schemes sourcebook], which shall be based on objective pre-defined criteria and meet the sole interest of the [F2UK UCITS] and the investors of the [F2UK UCITS].
Textual Amendments
F2Word in Regulation substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 60(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3Substituted by Commission Delegated Regulation (EU) 2018/1619 of 12 July 2018 amending Delegated Regulation (EU) 2016/438 as regards safe-keeping duties of depositaries (Text with EEA relevance).
F4Words in Art. 22(3) 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(26)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in Art. 22(5) substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 60(26)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Textual Amendments
F1Words 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)