Article 7

1. A unit trust's assets must be entrusted to a depositary for safe-keeping. 2. A depositary's liability as referred to in Article 9 shall not be affected by the fact that it has entrusted to a third party all or some of the assets in its safe-keeping. 3. A depositary must, moreover: (a)ensure that the sale, issue, re-purchase, redemption and cancellation of units effected on behalf of a unit trust or by a management company are carried out in accordance with the law and the fund rules; (b)ensure that the value of units is calculated in accordance with the law and the fund rules; (c)carry out the instructions of the management company, unless they conflict with the law or the fund rules; (d)ensure that in transactions involving a unit trust's assets any consideration is remitted to it within the usual time limits; (e)ensure that a unit trust's income is applied in accordance with the law and the fund rules.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-27 · Text as adopted (Official Journal); later amendments are not incorporated in this text.