Article 22
1. The assets of a common fund shall be entrusted to a depositary for safe-keeping.
2. A depositary’s liability as referred to in Article 24 shall not be affected by the fact that it has entrusted to a third party all or some of the assets in its safe-keeping.
3. A depositary shall:
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(a) |
ensure that the sale, issue, repurchase, redemption and cancellation of units effected on behalf of a common fund or by a management company are carried out in accordance with the applicable national law and the fund rules; |
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(b) |
ensure that the value of units is calculated in accordance with the applicable national law and the fund rules; |
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(c) |
carry out the instructions of the management company, unless they conflict with the applicable national law or the fund rules; |
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(d) |
ensure that in transactions involving a common fund’s assets any consideration is remitted to it within the usual time limits; |
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(e) |
ensure that a common fund’s income is applied in accordance with the applicable national law and the fund rules. |