S.L. 370.19 Art. 10Obligations of the depositary or the auditor.

(1) Where the merging UCITS is a Maltese UCITS, it shall appoint either its depositary or an independent auditor for the purpose of validating the following:

(a) the criteria adopted for valuation of the assets and, where applicable, the liabilities on the date for calculating the exchange ratio of units of the merging UCITS into units of the receiving UCITS;

(b) the cash payment per unit, where applicable; and

(c) the calculation method of the exchange ratio as well as the actual exchange ratio determined at the date for calculation of that ratio.

(2) The statutory auditor of the merging UCITS or the statutory auditor of the receiving UCITS shall be considered as an independent auditor for the purposes of sub-regulation (1).

(3) A copy of the reports of the auditors mentioned in sub-regulation (1) or, where applicable, of the depositary, shall be made available on request and free of charge to the unit-holders of both the merging UCITS and the receiving UCITS and to the competent authority and to the relative European regulatory authority, as applicable.