A depositary shall not carry out activities with regard to the AIF or the AIFM on behalf of the AIF that may create conflicts of interest between the AIF, the investors in the AIF, the AIFM and itself, unless the depositary has functionally and hierarchically separated the performance of its depositary tasks from its other potentially conflicting tasks, and the potential conflicts of interest are properly identified, managed, monitored and disclosed to the investors of the AIF.

14. Stresses that towns and cities can make a key contribution, as growth centres and growth drivers, to a given region; points, at the same time, to the need for it to be made possible for rural settlements to participate in integrated solutions for a given functional geographical entity by means of the fostering of partnerships and networks; stresses that larger urban centres face specific challenges because of the complexity of their social, economic and environmental tasks; sees, in this context, the endogenous potential of rural and peri-urban areas as offering an opportunity for development, although not only around agglomeratio ...[+++]ns and big cities; notes, furthermore, the opportunity for the economic development of particularly disadvantaged regions through appropriate exploitation of, and support for, the endogenous potential of rural areas, including their environmental and cultural assets; considers also, in the context of structural and cohesion policy, urban-rural partnerships more in terms of providing rural areas with the same conditions for development and quality of life with regard to social and economic factors; calls on the Member States, given the dynamic influence of towns and cities on economic development in the regions and in stimulating the economy in surrounding rural areas, to guarantee the resources needed to implement the urban and sub-urban projects required;

In this regard, the supporting activities by the ECB to the ESRB should neither affect the ECB’s institutional, functional and financial independence nor the ESCB’s performance of its tasks under the Treaty and the Statute of the ESCB and the ECB, in particular its own independent financial stability and oversight tasks for the euro area economy.

These network functions shall be aimed at supporting initiatives at national level and at the level of functional airspace blocks and shall be executed in a manner which respects the separation of regulatory and operational tasks.

To this end, each individual function and its associated responsibilities shall be precisely differentiated and classified at every level (EU, regional/FAB, national).

Proceeding from the functional classification scheme described above and the suggested functional comparison method, the task for the authorities of the State of enforcement would be to transpose the alternative penalty imposed by the authorities of the sentencing State into an alternative penalty as nearly equivalent as can be without changing its function, sense or purpose.