1. A depositary shall either have its registered office or beestablished in the UCITS home Member State.
2. The depositary shall be:
(a) a national central bank;
(b) a credit institution authorised in accordance with Directive 2013/36/EU; or
(c) another legal entity, authorised by the competent authority under the law of the Member State to carry out depositary activities under this Directive, which is subject to capital adequacy requirements not less than the requirements calculated depending on the selected approach in accordance with Article 315 or 317 of Regulation (EU) No 575/2013 of the European Parliament and of the Council [Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No648/2012 (OJ L 176, 27.6.2013, p. 1).] and which has own funds not less than the amount of initial capital under Article 28(2) of Directive 2013/36/EU.
A legal entity
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