S.L. 370.32 Art. 46Appointmentofthe depositary.

(1) The scheme or the fund manager on behalf of the scheme which is licensed as a non-UCITS retail scheme or as a

Professional Investor Fund targeting Experienced Investors shall appoint a depositary to provide depositary services to such scheme.

(2) The scheme, or the fund manager on behalf of a scheme which is licensed as a Professional Investor Fund targeting Qualifying or Extraordinary Investors, may appoint a depositary or a depositary lite to provide depositary services to such scheme: Provided that such scheme may alternatively provide for other safekeeping arrangements as accepted by the competent authority: Provided further that a depositary which is appointed to provide custody services as provided in sub-regulation (2) shall be required to comply with the applicable provisions of this Part.