AI Summary of 64AP. Appointment of depositary
This document outlines the framework governing the appointment of depositaries by trustees of a scheme or trust RAC. It allows for the appointment of depositaries from other Member States, provided they are duly authorised or accepted under relevant EU directives, ensuring compliance with Directive 2013/36/EU, Directive 2014/65/EU, Directive 2009/65/EC, or Directive 2011/61/EU.
Furthermore, trustees must enter into a written contract with the depositary, clearly outlining the responsibilities and obligations regarding the management of potential conflicts of interest. It mandates that both parties act in the best interests of members and beneficiaries, ensuring transparency through timely disclosures of any conflicts.
64AP. Appointment of depositary
(1) Where the trustees of a scheme or trust RAC appoint a depositary, any such appointment may be made in respect of a depositary established in another Member State and the depositary is -
(a) duly authorised in accordance with Directive 2013/36/EU or Directive 2014/65/EU, or
(b) accepted as a depositary for the purposes of Directive 2009/65/EC or Directive 2011/61/EU.
(2) Where the trustees of a scheme or trust RAC appoint a depositary -
(a) the trustees shall appoint the depositary by means of a written contract, and
(b) the contract referred to in paragraph (a) shall state that the trustees shall furnish the depositary with all the information that is necessary for the depositary to perform its functions provided for under this Part.