Supervision

(1) The selection, and every change, of the depositary requires the approval of the Federal Institute. The Federal Institute may attach ancillary provisions to the approval. Where the Federal Institute issues a transfer order under section 107(1) of the Recovery and Resolution Act against a depositary, with the effect that its depositary tasks pass to a transferee entity, the change of depositary brought about by the order is deemed approved as soon as the order is notified to the depositary under section 114(1) of the Recovery and Resolution Act. The Federal Institute must inform the UCITS management companies that appointed the depositary of the change of depositary without delay after publication of the transfer order.
(2) The Federal Institute may, at any time, require the UCITS capital management company to change the depositary. This applies in particular where the depositary does not properly perform its statutory or contractual duties, or where its initial capital falls below the minimum amount prescribed under section 68(5). For further details on the reporting obligations of the UCITS capital management company towards the Federal Institute, or of the EU UCITS management company towards the competent authority, in relation to the requirements of section 73(1), point 4, letter d, and on the obligations of the UCITS capital management company or the EU UCITS management company to examine suitable measures for protecting the assets of the domestic UCITS, reference is made to Article 15(9) of Delegated Regulation (EU) 2016/438.
(3) The depositary must make available to the Federal Institute, on request, all information that the depositary has received in the course of performing its duties and that the Federal Institute or the competent authorities of the home Member State of the UCITS or the UCITS management company may require. In the case of an EU UCITS or an EU UCITS management company, the Federal Institute makes the information received available without delay to the competent authorities of the home Member State of the EU UCITS or the EU UCITS management company.
(4) Where the Federal Institute issues measures against the depositary on the basis of section 46(1), second sentence, points 4 to 6, of the Banking Act, or where a moratorium is issued under section 46g of the Banking Act, the UCITS capital management company must appoint a new depositary without delay; subsection (1) remains unaffected. Until the new depositary is appointed, the UCITS capital management company may, with the approval of the Federal Institute, open a blocked account with another credit institution within the meaning of section 68(3), through which the UCITS capital management company may make or receive payments for the account of the domestic UCITS.