S.L. 370.32 Art. 45Applicability of Part 5. Cap. 370.

(1) Depositaries of collective investment schemes which are not AIFs as defined in terms of the AIFMD or UCITS shall be regulated by the regulations prescribed in Part 2 together with the regulations prescribed in this Part: Provided that for the purposes of this Part, the term "collective investment scheme" shall be understood as referring to collective investment schemes which are licensed as non-UCITS retail schemes and Professional Investor Funds established in terms of the Act and in terms of the Rules issued thereunder both of which are not managed by an AIFM falling within the scope of the AIFMD.

(2) The depositary of a collective investment scheme as referred to in sub-regulation (1) shall also be guided by the rules prescribed in the applicable Investment Services Rules.