Oversight function

(1) The depositary must ensure that
1. the issue and redemption of units or shares of the domestic AIF, and the calculation of the value of the units or shares of the domestic AIF, comply with the provisions of this Act and with the investment conditions, the articles of association, or the partnership agreement of the domestic AIF,
2. in transactions carried out for the joint account of the investors, the consideration is remitted to the domestic AIF, or for the account of the domestic AIF, within the usual time limits,
3. the income of the domestic AIF is applied in accordance with the provisions of this Act and the investment conditions, the articles of association, or the partnership agreement of the domestic AIF.
(2) Where the depositary holds in custody the assets of retail AIF, it must, in addition to the oversight duties under subsection (1), ensure that the collateral required for securities lending under section 200(2) is validly provided and is available at all times.
(3) Where the retail AIF holds units or shares in a company within the meaning of section 1(19), point 22, or section 261(1), point 3, the depositary must verify the statement of assets of this company as at the valuation date. In the case of an open-ended retail AIF holding participations in a real estate company, the depositary must additionally monitor that the acquisition of a participation is carried out in compliance with sections 234 to 238.
(4) To ensure the restriction on disposal under section 84(1), point 3, the depositary must monitor the following:
1. for domestic real estate, the entry of the restriction on disposal in the land register,
2. for EU or non-EU real estate, that the effectiveness of the restriction on disposal is ensured,
3. for other assets within the meaning of section 261(2), points 2 to 8,
a) where a register exists for the respective asset, the entry of the restriction on disposal in that register, or,
b) where no register exists, that the effectiveness of the restriction on disposal is ensured.
(5) The depositary must carry out the instructions of the AIF management company, provided that these do not infringe statutory provisions or the investment conditions.
(6) The depositary must ensure that the cash flows of domestic AIF are properly monitored, and must in particular ensure that all payments made by or on behalf of investors upon subscription of units of a domestic AIF have been received. The depositary must ensure that all the cash of the domestic AIF has been booked to a cash account opened for the account of the domestic AIF, in the name of the AIF management company acting for the account of the domestic AIF, or in the name of the depositary acting for the account of the domestic AIF, at one of the following entities:
1. an entity under Article 18(1), letters a, b, and c, of Directive 2006/73/EC, or
2. an entity of the same type in the relevant market where cash accounts are required, provided that such entity is subject to effective prudential regulation and supervision that correspond to European Union law, are effectively enforced, and are in particular consistent with the principles under Article 16 of Directive 2006/73/EC. Where cash accounts are opened in the name of the depositary acting for the account of the domestic AIF, no cash of the entity named in the second sentence, and no cash of the depositary itself, may be credited to such accounts.
(7) The conditions for the exercise of a depositary's tasks under subsections (1), (5), and (6) are determined by Articles 85 to 97 of Delegated Regulation (EU) No 231/2013.