(1) A responsible person shall establish and implement procedures that are to be followed for the purpose of replacing a depositary, which shall be approved by the board of the responsible person.
(2) Where a UCITS replaces its depositary, each of the retiring depositary and the new depositary shall notify the Bank as soon as practicable of whether that retiring depositary or new depositary (as the case may be) is satisfied or dissatisfied with the transfer of assets.
(3) A responsible person may terminate the appointment of the depositary only:
(a) upon the appointment of a new depositary; or
(b) upon the revocation of the authorisation of the UCITS.