# The Open-Ended Investment Companies Regulations 2001, 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 FCA 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.

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Source: https://www.legislation.gov.uk/uksi/2001/1228/regulation/5 (the official version)
Page: https://openlegislation.uk/open-ended-investment-companies-regulations-2001/regulation-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.