Article 95 Duties regarding the carrying out of the AIFM’s instructions

In order to comply with F1rule 3.11.25(3) of the Investment Funds sourcebook the depositary shall at least:

1. (a)

   set up and implement appropriate procedures to verify that the AIF and AIFM comply with applicable laws and regulations and with the AIF’s rules and instruments of incorporation. In particular, the depositary shall monitor the AIF’s compliance with investment restrictions and leverage limits set in the AIF’s offering documents. Those procedures shall be proportionate to the nature, scale and complexity of the AIF;

2. (b)

   set up and implement an escalation procedure where the AIF has breached one of the limits or restrictions referred to in point (a).