Regulation 32 Replacement of depositary

For the purposes of Regulation 49, a responsible person shall ensure that the constitutional document of a UCITS provides that -

(a) the appointment of the new depositary must be approved in advance by the Bank,

(b) the current depositary may not retire until a new depositary is appointed in accordance with paragraph (a), and

(c) if -

(i) despite attempts by the responsible person to appoint a new depositary, no replacement for the current depositary has been appointed in accordance with this Regulation, and

(ii) the current depositary is unwilling or unable to continue to act as such,

then -

(I) a general meeting of the UCITS shall be convened at which an ordinary resolution, or such a resolution passed by such majority as is specified in the constitutional document, to wind up or otherwise dissolve the UCITS is proposed, and

(II) the appointment of the current depositary may be terminated only upon the revocation of the authorisation of the UCITS.