S.L. 370.32 Art. 20Monitoring of cash flows function.

(1) The depositary shall ensure that the cash flows of the UCITS are properly monitored and, in particular, that all payments made by or on behalf of investors upon the subscription of units of the UCITS have been received.

(2) The depositary shall ensure that all cash of the UCITS has been booked in cash accounts that are:

(a) opened in the name of the UCITS, the UCITS management company acting on behalf of the UCITS, or the depositary acting on behalf of the UCITS;

(b) opened at one of the following entities:

(i) a central bank;

(ii) a credit institution authorised in accordance with the CRD; or

(iii) a bank authorised in a third country;

(c) maintained in accordance with the principles set out in Article 16 of Directive 2006/73/EC.

(3) Where the cash accounts are opened in the name of the depositary acting on behalf of the UCITS, no cash of the entity referred to in sub-regulation (2)(b) and none of the own cash of the depositary shall be booked on such accounts.