S.L. 370.32 Art. 33Oversight function. Cap. 370. Cap. 370. Cap. 370. Cap. 370.

In addition to the tasks referred to in regulations 31 and 32(1), the depositary shall:

(a) ensure that the sale, issue, re-purchase, redemption and cancellation of units or shares of the AIF are carried out in accordance with the provisions of the Act, the Rules and regulations issued thereunder, and the fund rules or instruments of incorporation;

(b) ensure that the value of the units or shares of the AIF is calculated in accordance with the provisions of the Act, the Rules and regulations issued thereunder, the fund rules or instruments of incorporation and the valuation procedures as outlined in the applicable Investment Services Rules;

(c) carry out the instructions of the AIFM, unless they conflict with the provisions of the Act, the Rules and regulations issued thereunder, the AIF’s fund rules or instruments of incorporation;

(d) ensure that in transactions involving the AIF’s assets any consideration is remitted to the AIF within the usual time limits;

(e) ensure that the AIF’s income is applied in accordance with the provisions of the Act, the Rules and regulations issued thereunder and the fund rules or instruments of incorporation.