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 85/611/EEC).
"Article 2 - Definitions
1 - For the purposes of this regime, the following definitions apply:
a) "collective investment undertaking", or abbreviated "OIC", institutions, whether or not they have legal personality, whose purpose is the collective investment of capital obtained from investors, whose operation is subject to a principle of sharing risks and the pursuit of the exclusive interest of the participants;
[...]
Article 91 - Depositary
1 - The assets that make up the OIC's portfolio are entrusted to a depositary.
2 - Credit institutions referred to in sub-paragraphs a) to d) of article 3 of the General Regime of Credit Institutions and Financial Companies that have their own funds of no less than EUR 7,500,000 and that have their registered office in Portugal or head office in another Member State and branch in Portugal.
3 - The provision of the depositary service to entities outside the consolidation perimeter in which the depositary entity belongs is ensured under non-discriminatory economic conditions.
4 - The CMVM may request a justification for the refusal to provide the depositary service to the entities referred to in the previous number.
5 - Upon request, the depositary must provide Banco de Portugal or the CMVM with all the information it has obtained in the exercise of its functions and which is necessary for the supervision of the CIU.[...]" (Decree-Law No. 63-A/2013 (2013-05-10), entered into force 2013-09-07, repealed 26.03.2015 by Law No. 16/2015 (2015-02-24), Articles 2 and 91 [google translation])
Decree-Law No. 63-A/2013 (2013-05-10), entered into force 2013-09-07, repealed 26.03.2015 by Law No. 16/2015 (2015-02-24), Articles 2 and 91
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
[<a href="https://data.dre.pt/eli/dec-lei/63-a/2013/05/10/p/dre/pt/html">Decree-Law</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32009L0065">Directive</a>]