1. A depositary which falls within Regulation 22(3)(a)(iii) of the AIFM Regulations shall comply with the following:

(a) The firm shall have at all times:

• initial capital of at least €125,000 ("Initial Capital Requirement"); or

• one quarter of its total expenditure taken from the most recent annual accounts ("Expenditure Requirement"),

whichever is higher ("Minimum Capital Requirement").

The depositary shall:

• calculate its Minimum Capital Requirement in accordance with Annex I;

• have financial resources, calculated in accordance with paragraph 2 of the Minimum Capital Requirement Report, Notes on Compilation (Depositary), at least equal to its Minimum Capital Requirement ("Financial Resources");

• hold its Minimum Capital Requirement in the form of Eligible Assets, as specified in paragraph 3 of the Minimum Capital Requirement Report, Notes on Compilation (AIF Depositary); and

• be in a position to demonstrate its compliance with the Minimum Capital Requirement throughout the reporting period.

(b) The depositary shall notify the Central Bank immediately of the departure of a director.