21. (1) An ICAV which is not authorised under the UCITS Regulations shall appoint a depositary.

(2) An application for approval of a depositary shall be made in writing to the Bank in such manner and form as may be specified by the Bank and shall contain or be accompanied by such other information as the Bank may specify for the purpose of determining the application.

(3) At any time after receiving an application and before determining it the Bank may by notice in writing require the person who made the application to provide additional information to it.

(4) The Bank may specify that information provided to it in compliance with subsection (2) or (3) be certified or attested as to its authenticity or correctness in such manner as the Bank may specify, including by statutory declaration.

(5) A person commits a category 2 offence if—

(a) for the purposes of or in connection with any application under this section, or

(b) in purported compliance with any requirement imposed on the person by or under this section,

the person provides information that is false or misleading in a material particular, knowing it to be so false or misleading or being reckless as to whether it is so false or misleading.

(6) The Bank may approve a depositary if satisfied that the depositary will be in a position to comply with any conditions imposed by the Bank under section 27.

(7) The Bank may refuse an application for approval under this section if the Bank is not satisfied that approval would be in the interests of the proper and orderly regulation of an ICAV or the application for approval of a depositary has failed to comply with this section.

(8) If the Bank decides to refuse to grant an approval in response to an application under this section, the Bank shall give written notice to the applicant of the decision.

(9) A decision to refuse to grant an approval is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.