(1) The depositary shall not delegate to a third party a function referred to in paragraphs (1) and (3) of Regulation 34.
(2) The depositary may delegate to a third party a function referred to in paragraph (4) of Regulation 34 provided that -
(a) the requirements of paragraph (3) are met,
(b) the delegation is not made with the intention of avoiding the requirements laid down in these Regulations,
(c) the depositary can demonstrate that there is an objective reason for the delegation, and
(d) the depositary -
(i) exercises all due skill, care and diligence in the selection and appointment of the third party,
(ii) carries out periodic reviews and ongoing monitoring of the third party and of the arrangements put in place by the third party in respect of the delegation, and
(iii) continues to exercise all due skill, care and diligence in carrying out such review and monitoring.
(3) In respect of a delegation referred to in paragraph (2), the third party shall at all times during the perf
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