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COLL 6 Annex 1 Particulars of the standard agreement between an EEA UCITS management company and a depositary

R

1This table belongs to COLL 6.6.4 R (7)(b) (General duties of the depositary) on the conclusion and prescribed minimum content of a standard agreement between an EEA UCITS management company (which is an authorised fund manager of a UCITS scheme) and the depositary of that scheme.

Contents of the standard agreement

(1)

Provisions related to the procedures to be followed by the parties to the agreement:

(a)

a description of the procedures, included those relating to the safekeeping, to be adopted for each type of asset of the UCITS scheme that is entrusted to the depositary;

(b)

a description of the procedures to be followed where the authorised fund manager envisages a modification of the instrument constituting the fund2 or the prospectus of the UCITS scheme, and identifying when the depositary should be informed, or where a prior agreement from the depositary is needed to proceed with the modification;

2

(c)

a description of the means and procedures by which the depositary will transmit to the authorised fund manager all relevant information that the authorised fund manager needs to perform its duties, including a description of the means and procedures related to the exercise of any rights attached to financial instruments, and the means and procedures applied in order to allow the authorised fund manager and the UCITS scheme to have timely and accurate access to information relating to the accounts of the UCITS scheme;

(d)

a description of the means and procedures by which the depositary will have access to all relevant information it needs to perform its duties;

(e)

a description of the procedures by which the depositary has the ability to enquire into the conduct of the authorised fund manager and to assess the quality of information transmitted, including by way of on-site visits; and

(f)

a description of the procedures by which the authorised fund manager can review the performance of the depositary in respect of the depositary's contractual obligations.

[Note: article 30 of the UCITS implementing Directive]

(2)

Provisions related to the exchange of information and to obligations on confidentiality and money laundering:

(a)

a list of all the information that needs to be exchanged between the UCITS scheme, its authorised fund manager and depositary related to the issue, cancellation, sale and redemption of units of the UCITS scheme;

(b)

the confidentiality obligations applicable to the parties to the agreement. These obligations must be drawn up so as not to impair the ability of either the FCA or the Home State regulator of the EEA UCITS management company to gain access to relevant documents and information; and

(c)

information on the duties and responsibilities of the parties to the agreement in respect of obligations relating to the prevention of money laundering and the financing of terrorism, where applicable.

[Note: article 31 of the UCITS implementing Directive]

(3)

Provisions related to the appointment of third parties:

In cases where the parties to the agreement envisage the appointment of third parties to carry out their duties, the following provisions:

(a)

an undertaking by both parties to provide details, on a regular basis, of any third parties appointed by the depositary or the authorised fund manager to carry out their respective duties;

(b)

an undertaking that on request by one of the parties, the other will provide information on the criteria used for selecting the third party and the steps taken to monitor the activities carried out by the selected third party; and

(c)

a statement that a depositary's liability as referred to at COLL 6.6.15 R (5) (Committees and delegation) will not be affected by the fact that it has entrusted to a third party all or some of the assets in its safekeeping.

[Note: article 32 of the UCITS implementing Directive]

(4)

Provisions related to potential amendments and the termination of the agreement:

(a)

the period of validity of the agreement;

(b)

the conditions under which the agreement may be amended or terminated; and

(c)

conditions which are necessary to facilitate transition to another depositary and, in the event of that transition, the procedure by which the depositary should send all relevant information to the other depositary.

[Note: article 33 of the UCITS implementing Directive]

(5)

Applicable law:

A provision specifying that the law of the United Kingdom applies to the agreement.

[Note: article 34 of the UCITS implementing Directive]

(6)

Electronic transmission of information:

In cases where the parties to the agreement agree to the use of electronic transmission for part or all of the information that is to flow between them, a provision ensuring that a record is kept of that information.

[Note: article 35 of the UCITS implementing Directive]

(7)

Scope of the agreement:

Where the agreement is to cover more than one UCITS scheme managed by the authorised fund manager, a provision listing the UCITS schemes covered by the agreement.

[Note: article 36 last sentence of the UCITS implementing Directive]

(8)

Service level agreement:

The parties to the agreement may include either in the agreement or in a separate written agreement the details of the means and procedures referred to in (1)(c) and (d).

[Note: article 37 of the UCITS implementing Directive]