A depositary shall be deemed to comply with the requirements set out in [F3rule 6.6B.16(3) of the Collective Investment Schemes sourcebook] where it establishes and implements at least:
appropriate procedures to verify that instructions of the management company or the investment company comply with applicable laws and regulations and with the [F2UK UCITS]' rules and instruments of incorporation;
an escalation procedure where the [F2UK UCITS] has breached one of the limits or restrictions referred to in second subparagraph.
For the purposes of point (a), the depositary shall in particular monitor the [F2UK UCITS]' compliance with investment restrictions and leverage limits to which the [F2UK UCITS] is subject. The procedures referred to in point (a) shall be proportionate to the nature, scale and complexity 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)
F3Words in Art. 6 substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 60(10) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Textual Amendments
F1Words in Ch. 2 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(6) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)