CHAPTER 2

DEPOSITARY FUNCTIONS, DUE DILIGENCE DUTIES, SEGREGATION OBLIGATION AND INSOLVENCY PROTECTION
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Duties related to the UK UCITS' income calculation and distribution
Article 8
1
A depositary shall be deemed to comply with the requirements set out in rule 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 UK 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 UK 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 UK 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 UK UCITS' investors.
Word 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)
Words 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)
Words 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)