S.L. 370.32 Art. 19Oversight function.

The depositary shall:

(a) ensure that the sale, issue, repurchase, redemption and cancellation of units of the UCITS are carried out in accordance with the requirements prescribed by the competent authority, if any, applicable to the UCITS and with the constitutional documents of the UCITS;

(b) ensure that the value of the units of the UCITS is calculated in accordance with the provisions of the constitutional documents of the UCITS;

(c) carry out the instructions of the UCITS management company or the UCITS, unless they conflict with the requirements prescribed by the competent authority, if any, applicable to the UCITS and with the constitutional documents of the UCITS;

(d) ensure that in transactions involving the assets of the UCITS, any consideration is remitted to the UCITS within the usual time limits;

(e) ensure that the income of the UCITS is applied in accordance with the constitutional documents of the UCITS.