1.A depositary shall be deemed to comply with the requirements set out in [F3rule 6.6B.16(5) of the Collective Investment Schemes sourcebook] where it:
(a)ensures that the net income calculation is applied in accordance with the [F2UK UCITS] rules, instruments of incorporation and applicable national law every time income is to be distributed;
(b)ensures that appropriate measures are taken where the [F2UK UCITS]' auditors have expressed reserves on the annual financial statements. The management company or the investment company shall provide the depositary with all information on reserves expressed on the financial statements;
(c)checks the completeness and accuracy of dividend payments, every time income is to be distributed.
2.Where a depositary considers that the income calculation has not been applied in compliance with applicable law or with the [F2UK UCITS] rules or instruments of incorporation, it shall notify the management company or the investment company and ensure that timely remedial action has been taken in the best interest of the [F2UK UCITS]' investors.
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. 8(1) substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 60(12) (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)