(1) Where the trustees of a scheme or trust RAC appoint a depositary, any such appointment may be made in respect of a depositary established in another Member State and the depositary is -
(a) duly authorised in accordance with Directive 2013/36/EU or Directive 2014/65/EU, or
(b) accepted as a depositary for the purposes of Directive 2009/65/EC or Directive 2011/61/EU.
(2) Where the trustees of a scheme or trust RAC appoint a depositary -
(a) the trustees shall appoint the depositary by means of a written contract, and
(b) the contract referred to in paragraph (a) shall state that the trustees shall furnish the depositary with all the information that is necessary for the depositary to perform its functions provided for under this Part.
(3) Where the trustees of a scheme or trust RAC appoint a depositary, when carrying out the functions set out in sections 64AQ and 64AR the trustees and the depositary appointed shall act honestly, fairly, professionally, independently and in the inter
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