S.L. 370.32 Art. 18Conflicts of interest.

(1) No company shall act as both UCITS management company and depositary.

(2) A scheme which is in possession of a collective investment scheme licence issued in terms of the Act shall not act as depositary.

(3) In carrying out their respective functions, the UCITS management company and the depositary shall act honestly, fairly, professionally, independently and solely in the interests of the UCITS and the investors of the UCITS.

(4) A depositary shall not carry out activities with regard to the UCITS or the UCITS management company on behalf of the UCITS, that may create conflicts of interest between the UCITS, the investors in the UCITS, the UCITS management company and itself, unless the depositary has functionally and hierarchically separated the performance of its depositary functions from its other potentially conflicting tasks, and the potential conflicts of interest are properly identified, managed, monitored and disclosed to the investors of the UCITS.