No single company shall -
(a) act as both management company and depositary in respect of the same UCITS, or
(b) act as both investment company and depositary.
(1A) In carrying out their respective functions -
(a) the management company and the depositary shall act honestly, fairly, professionally, independently and solely in the interest of the UCITS and the unit-holders of the UCITS, and
(b) the investment company and the depositary shall act honestly, fairly, professionally, independently and solely in the interest of the unit-holders of the UCITS.
(1B) A depositary shall not carry out activities with regard to the UCITS or the management company on behalf of the UCITS that may create conflicts of interest between the UCITS, the investors in the UCITS, the management company and itself, unless -
(a) the depositary has functionally and hierarchically separated the performance of its depositary tasks from its other potentially conflicting tasks, and
(b) the potential conflicts of
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