S.L. 370.32 Art. 53Independence of thedepositaryfrom the management of the collective investment scheme.

In the exercise of its functions, duties and responsibilities, the depositary shall act independently of the fund manager and of the management of the scheme and solely in the interest of the unit holders and of the scheme itself:

Provided that the depositary shall act upon the instructions of the manager and the manager shall act upon the instructions of the depositary to the extent required by the conditions of any investment services licence, such other requirements as may be prescribed by the competent authority, and the conditions of the scheme’s constitutional documents.