Duties related to the UK UCITS' income calculation and distribution
- Depositary must ensure UCITS income calculations and dividends are correct
Retained EU Law
2016
United Kingdom
Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of depositaries (Text with EEA relevance)
At a glance
What's here
7 compliance obligations
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Cash monitoring — general requirements
- Provide depositary with full cash account information for UCITS
Duties regarding payments upon the subscriptions
- Provide depositary with subscription payment information daily
Common management
- Keep management independent between you and your fund depositary
Appointment of depositary and delegation of safekeeping
- Appoint a depositary using a proper decision-making process
Conflicts of interest
- Put in place policies to identify and manage conflicts of interest with your depositary
Independence of management boards and supervisory functions
- Ensure independent board/supervisory members when group link exists
Browse 18 other sections — procedural / definitional / commencement
Definitions
Contract for the appointment of a depositary
Oversight duties — general requirements
Duties regarding subscription and redemptions
Duties regarding the valuation of units
Duties regarding the carrying out of the UK UCITS' instructions
Duties regarding the timely settlement of transactions
Monitoring of the UK UCITS' cash flows
Financial instruments to be held in custody
Safekeeping duties with regard to assets held in custody
Safekeeping duties regarding ownership verification and record keeping
Due diligence
Segregation obligation
Insolvency protection of UK UCITS assets when delegating custody functions
Loss of a financial instrument held in custody
Liability discharge
Management body
Entry into force and application
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