Paragraph 1: Provisions common to the UCITS, the portfolio management company and the depositary

The UCITS, the depositary and the management company shall act honestly, fairly, professionally, independently and solely in the interests of the UCITS and its unit-holders or shareholders. They must offer sufficient guarantees with regard to their organisation, their technical and financial resources, and the good repute and experience of their managers. No SICAV or management company may act as depositary.

For the purposes of this section, the management body of the UCITS, of the depositary or of the management company means the body which: 1° Has the ultimate power of decision within the UCITS, the depositary or the management company; 2° Performs both management and supervisory functions, or only the management function when these two functions are separate.