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Regulation 11 Report by depositary or auditorC1

(1)

A report must be drawn up in respect of a merging F1... 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 F2...;

(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 F3....

(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 M1, 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 F4....

Annotations

Textual amendments

F1: Word in reg. 11(1) omitted (31.12.2020) by virtue of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 38(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2: Words in reg. 11(1)(a) omitted (31.12.2020) by virtue of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 38(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3: Words in reg. 11(1)(c) omitted (31.12.2020) by virtue of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 38(a)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4: Words in reg. 11(4)(b) omitted (31.12.2020) by virtue of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 38(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Marginal citations

M1: 2006 c.46.

Modifications

C1: Pt. 4 modified (31.12.2020) by 2000 c. 8, s. 409(11)(i) (as inserted by The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/589), regs. 1(3), 2(5) (with reg. 12) (as amended by S.I. 2020/1274, regs. 1, 2); 2020 c. 1, Sch. 5 para. 1(1))