(1) A responsible person shall ensure that any transaction between a UCITS and a connected person is -
(a) conducted at arm’s length, and
(b) in the best interests of the unit-holders of the UCITS.
(2) A responsible person may enter into a transaction, on behalf of a UCITS, with a connected person only if at least one of the conditions in paragraphs (a), (b) or (c) is complied with:
(a) the value of the transaction is certified by either -
(i) a person who has been approved by the depositary as being independent and competent, or
(ii) a person who has been approved by the responsible person as being independent and competent in the case of transactions involving the depositary;
(b) execution is on best terms on an organised investment exchange under the rules of the relevant exchange;
(c) execution is on terms which the depositary or, in the case of a transaction involving the depositary, the responsible person is satisfied conform to the requirements set out in paragraph (1) above.
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