S.L. 370.32 Art. 58Transitional arrangements.

(1) Non-UCITS retail schemes and Professional Investor

Funds targeting Experienced Investors or management companies on behalf of such schemes, which on the date of publication of these regulations appointed, as depositary, an entity which did not meet the requirements prescribed in Part 5, shall have a transitional period of eighteen months within which to comply with these regulations. This eighteen-month transitional period shall commence to run from the date of the coming into force of these regulations and shall expire within eighteen months thereafter.

(2) Professional Investor Funds targeting Qualifying Investors or Extraordinary Investors or managers on behalf of such schemes, which on the date of the coming into force of these regulations appointed, as depositary, an entity which did not meet the requirements prescribed in Part 5 hereof, shall have a transitional period of eighteen months within which to comply with these regulations. This eighteen-month transitional period shall commence to run from the date of the coming into force of these regulations and shall expire within eighteen months thereafter.