(1) Where the merging UCITS is authorised by the Bank, the Bank shall require either a depositary or an independent auditor, approved in accordance with Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 [OJ No. L157, 09.06.2007, p. 87] on statutory audits of annual accounts and consolidated accounts, to validate the following:
(a) the criteria adopted for valuation of the assets and, where applicable, the liabilities on the date for calculating the exchange ratio, as referred to in Regulation 65(1);
(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, as referred to in Regulation 65(1).
(2) The statutory auditor of the merging UCITS or the statutory auditor of the receiving UCITS shall be considered independent auditors for the purposes of paragraph (1).
(3) A copy of the reports of the independent auditor, or, where ap
…