1. Where the depositary is acting as depositary for an authorised AIF, the depositary shall enquire into the conduct of the AIFM and the management company, investment company or general partner in each annual accounting period and report thereon to the unitholders. This report shall be delivered to the AIFM in good time to enable the AIFM to include a copy of the report in the annual report of the authorised AIF. This report shall state whether in the depositary's opinion the authorised AIF has been managed in that period:
(a) in accordance with the limitations imposed on the investment and borrowing powers of the authorised AIF by the constitutional document and by the Central Bank under the powers granted to the Central Bank by the investment fund legislation; and
(b) otherwise in accordance with the provisions of the constitutional document and the investment fund legislation.
If the AIFM, management company, investment company or general partner has not complied with (a) or (b) ab
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