law of 20 December 2002 - Alfi

- the central administration must be aware of the operating conditions of the processing unitand must give its consent for alterations to its programme;- the central administration must have the possibility to directly engage in the processing ofinformation memorised in the processing unit;- information memorised in the processing unit must be transferred upon each valuation ofthe assets, but at least once a week and, as the case may be, more frequently, if requiredby safety necessities, on memory supports which are situated and which may be operatedin Luxembourg;- the promoters must have at their disposal the necessary means to enable the central administrationto continue to operate normally in case of exceptional events such as the interruptionof the means of communication with the processing unit or the non-functioningthereof for an extended period;- where the central administration uses the remote-access computing network togetherwith other users which do not participate in the operations of the UCI, the central administrationmust ensure by the establishment of adequate protection measures that these usersmay not, at the level of the processing unit, have access to the information concerningthe UCI, in order to prevent them from obtaining knowledge of that information or alteringor deleting the same.The conditions set out under the first, second, third and last indents above apply mutatismutandis where the network processing unit used is situated in Luxembourg.In principle, it is the central administration’s responsibility to proceed in Luxembourg, as thecase may be in cooperation with the depositary, with the operations necessary to enter theinformation relating to the operation of the UCI into the remote-access computing networkused wherever the processing unit of the network used is situated. This does not exclude thatportfolio managers established abroad may immediately access the relevant network andset in motion the accounting operations connected to the execution of the decisions taken bythem within the scope of their management mandate. It does furthermore not exclude thatother agents participating in the operations of the UCI may proceed in the same way.Such intervention by portfolio managers and by other agents the services of which are beingused, is however subject to the following conditions:- the central administration must ensure by the establishment of adequate protection measuresthat these agents may not access information other than that which is necessary forthe execution of their respective duties notwithstanding the provisions concerning professionalsecrecy;- the UCI must install, at the management level, supervisory procedures which are able toensure the regularity of the operations initiated by the portfolio managers with respect tothe obligations to which it is subject under the law of 30 March 1988 as well as under itsconstitutional documents and prospectus.Since the central administration in Luxembourg assumes the ultimate liability for the accuracyof the financial information relating to the UCI, it alone is authorised to proceed with the allocations,apportionments and provisions necessary for finalising the calculation of the netasset value, these operations concerning in particular the charges, expenses and taxes dueby the UCI.99