{
  "url": "https://openlegislation.uk/eu-regulation-2016-438/article-4",
  "json_url": "https://openlegislation.uk/eu-regulation-2016-438/article-4.json",
  "legislation": "eur/2016/438",
  "legislation_title": "Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of depositaries (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2016-438",
  "path": "article/4",
  "kind": "article",
  "number": "4",
  "heading": "Duties regarding subscription and redemptions",
  "text": "1. A depositary shall be deemed to comply with the requirements set out in rule 6.6B.16(1) of the Collective Investment Schemes sourcebook where it ensures that the management company or the investment company has established, implements and applies an appropriate and consistent procedure to:\n(a) reconcile the subscription orders with the subscription proceeds, and the number of units issued with the subscription proceeds received by the UK UCITS;\n(b) reconcile the redemption orders with the redemptions paid, and the number of units cancelled with the redemptions paid by the UK UCITS;\n(c) verify on a regular basis that the reconciliation procedure is appropriate.\nFor the purpose of points (a), (b) and (c), the depositary shall in particular regularly check that there is consistency between the total number of units in the UK UCITS' accounts and the total number of outstanding units that appear in the UK UCITS' register.\n2. A depositary shall ensure and regularly check that the procedures regarding the sale, issue, repurchase, redemption and cancellation of units of the UK UCITS comply with the applicable national law and with the UK UCITS rules or instruments of incorporation and verify that those procedures are effectively implemented.\n3. The frequency of the depositary's checks shall be consistent with the flow of subscriptions and redemptions.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Art. 4(1) substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 60(8) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in Regulation substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 60(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2016/438/article/4",
    "retrieved_at": "2026-11-01T14:45:56.557360+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}