S.L. 370.32 Art. 54Administrationand management of the fund manager and depositary.

Except as may be authorised by the competent authority, a person shall not act as member of the board of directors or similar organ or as an officer responsible for the administration and management of the manager acting on behalf of the scheme and at the same time hold a similar position with the depositary entrusted with the safekeeping of the assets of any scheme managed by the manager.