A depository of an undertaking  for  collective  investment  in  transferable  securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country (Directive 2009/65/EC). An alternative investment fund manager must be a joint stock company or a limited liability company (Directive 2011/61/EU).
"Section 63. Deposits in Credit Institutions:
(1) Fund assets may be deposited in a credit institution which has received a licence for the operation of a credit institution in a Member State or a state which is a Member State of the Organisation for Economic Cooperation and Development and which has been recognised in accordance with Regulation No 575/2013 as a state where credit institutions are subject to the supervisory and operational regulatory requirements equivalent to those applicable in the European Union.
[...]"
(Law On Investment Management Companies (342/345, 30.12.1997; last amended 20 June 2019), Section 63 [unofficial translation])

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"Section 6. Firm Name and Commencement of Activities of the Manager:
(1) The manager shall be founded as a capital company in Latvia. The manager shall constitute a financial institution acting in accordance with this Law, the directly applicable legal acts of the European Union, the Commercial Law, other laws and regulations, and articles of association.
[...]"
(Law on Alternative Investment Funds and Managers Thereof (142, 24.07.2013; last amended 20 June 2019), Section 6 [unofficial translation])
Law On Investment Management Companies (342/345, 30.12.1997; last amended 20 June 2019), Section 63
Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), Article 23
Law on Alternative Investment Funds and Managers Thereof (142, 24.07.2013; last amended 20 June 2019), Section 6
Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010
[<a href="https://likumi.lv/ta/en/en/id/52953-on-investment-management-companies">Law On Investment Management Companies</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02009L0065-20200107">Directive 2009/65/EC</a>],[<a href="https://likumi.lv/ta/en/en/id/258477-law-on-alternative-investment-funds-and-managers-thereof">Law on Alternative Investment Funds and Managers Thereof</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02011L0061-20190113">Directive 2011/61/EU</a>],[<a href="https://www.fktk.lv/en/licensing/alternative-investment-fund-managers/alternative-investment-fund-managers/">The Financial and Capital Market Commission of Latvia</a>]