(1) A responsible person shall only reimburse out of the assets of the UCITS the operator of a directed brokerage service or similar arrangement for the costs, fees and expenses of that directed brokerage service or similar arrangement where the requirements set out in paragraph (2) are met.
(2) The requirements for the purposes of paragraph (1) are the following:
(a) the costs, fees and expenses of the relevant directed brokerage service or similar arrangement -
(i) are reasonable and vouched properly, and
(ii) have been incurred directly by the operator in providing the relevant services or arrangement;
(b) the prospectus disclosure required by Regulation 72 has been made;
(c) the operator of the directed brokerage services or other arrangement invoices the responsible person separately for the relevant costs, fees and expenses.