S.L. 370.32 Art. 31Monitoring of cash flows.

(1) The depositary shall in general ensure that the AIF’s cash flows are properly monitored.

(2) The depositary shall in particular ensure that all payments made by or on behalf of the investors upon subscription of units of an AIF have been received and that all the cash of the AIF has been booked in cash accounts opened in the name of the AIF or in the name of the AIFM acting on behalf of the AIF or in the name of the depositary acting on behalf of the AIF with any one of the following entities:

(a) a central bank;

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

(c) a bank authorised in a third country; or

(d) another entity of the same nature in the relevant market where cash accounts are required provided such entity is subject to effective prudential supervision which has the same effect as Union law and is effectively enforced 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 AIF, no cash of the entity referred to in sub-regulation (2) and none of the depositary’s own cash shall be booked on such accounts.