1. The Central Bank requires that the procedures to be followed in relation to the replacement of a depositary must be approved by the board of the investment company, the management company of a unit trust scheme or common contractual fund or the general partner of an investment limited partnership. Where the ELTIF replaces its depositary, the ELTIF must ensure that the Central Bank receives, as required, confirmation from both the retiring depositary and new depositary that they are satisfied with the transfer of assets.
2. The ELTIF shall only terminate the appointment of the depositary:
(a) upon the appointment of a successor depositary; or
(b) upon the revocation of the authorisation of the ELTIF.