Regulation 5 Safekeeping of scheme property by depositary

(1)

Subject to paragraph (2), all the scheme property of an open-ended investment company must be entrusted for safekeeping to a person appointed for the purpose (“a depositary").

(2)

Nothing in paragraph (1)—

(a)

applies to any scheme property designated for the purposes of this regulation by F1FCA rules;

(b)

prevents a depositary from—

(i)

entrusting to a third party all or some of the assets in its safekeeping; or

(ii)

in a case falling within sub-paragraph (i), authorising the third party to entrust all or some of those assets to other specified persons.

(3)

Schedule 1 to these Regulations makes provision with respect to depositaries of open-ended investment companies.

Annotations

Textual amendments

F1: Words in Regulations substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 41(2)