Article 5 Duties regarding the valuation of units

United Kingdom

A depositary shall be deemed to comply with the requirements set out in F1rule 6.6B.16(2) of the Collective Investment Schemes sourcebook where it puts in place procedures to:

(a)

verify on an ongoing basis that appropriate and consistent procedures are established and applied for the valuation of the assets of the F2UK UCITS in compliance with F3section 6.3 of the Collective Investment Schemes sourcebook and with the UK UCITS rules or instruments of incorporation;

(b)

ensure that the valuation policies and procedures are effectively implemented and periodically reviewed.

The depositary, shall conduct the verifications referred to in paragraph 1 at a frequency consistent with the frequency of the UK UCITS' valuation policy F4in accordance with section 6.3 of the Collective Investment Schemes sourcebook, and with the UK UCITS rules or instruments of incorporation.

Where a depositary considers that the calculation of the value of the units of the UK UCITS has not been performed in compliance with applicable law or the UK UCITS rules or with instruments of incorporation, it shall notify the management company or the investment company and ensure that timely remedial action is taken in the best interest of the investors in the UK UCITS.

Annotations

Textual amendments

F1: Words in Art. 5(1) substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 60(9)(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2: 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)
F3: Words in Art. 5(1)(a) substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 60(9)(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4: Words in Art. 5(2) substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 60(9)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)