Duties regarding subscription and redemptions
Article 93
In order to comply with point (a) of Article 21(9) of Directive 2011/61/EU the depositary shall meet the following requirements: (1) The depositary shall ensure that the AIF, the AIFM or the designated entity has established, implements and applies an appropriate and consistent procedure to: (i) reconcile the subscription orders with the subscription proceeds, and the number of units or shares issued with the subscription proceeds received by the AIF; (ii) reconcile the redemption orders with the redemptions paid, and the number of units or shares cancelled with the redemptions paid by the AIF; (iii) verify on a regular basis that the reconciliation procedure is appropriate. For the purpose of points (i), (ii) and (iii), the depositary shall in particular regularly check the consistency between the total number of units or shares in the AIF’s accounts and the total number of outstanding shares or units that appear in the AIF’s register. (2) A depositary shall ensure and regularly check that the procedures regarding the sale, issue, repurchase, redemption and cancellation of shares or units of the AIF comply with the applicable national law and with the AIF rules or instruments of incorporation and verify that these procedures are effectively implemented. (3) The frequency of the depositary’s checks shall be consistent with the frequency of subscriptions and redemptions.