# The Undertakings for Collective Investment in Transferable Securities Regulations 2011, Regulation 11: Report by depositary or auditor


(1) A report must be drawn up in respect of a merging UK UCITS in accordance with this regulation validating—
(a) the criteria adopted for valuation of the assets and, where applicable, the liabilities on the date for calculating the exchange ratio referred to in Article 47(1) of the UCITS directive;
(b) where applicable, the cash payment per unit; and
(c) the calculation method of the exchange ratio as well as the actual exchange ratio determined at the date for calculating that ratio, as referred to in Article 47(1) of the UCITS directive.
(2) The report must be drawn up by—
(a) a depositary, or
(b) a person who—
(i) is eligible for appointment as a statutory auditor under Part 42 of the Companies Act 2006, and
(ii) satisfies the independence requirement in section 936 of the Companies Act 2006.
(3) The auditors of the merging UCITS and the receiving UCITS must be considered to be independent for the purposes of paragraph (2)(b)(ii).
(4) A copy of the report must be made available on request and free of charge to—
(a) the unit-holders of the merging UCITS and of the receiving UCITS, and
(b) the Authority and, in relation to a cross-border merger, the competent authorities of the EEA UCITS concerned.

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Source: https://www.legislation.gov.uk/ukdsi/2011/9780111512265/regulation/11 (the official version)
Page: https://openlegislation.uk/draft-undertakings-for-collective-investment-in-transferable-securities-regulations-2011/regulation-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.