Safekeeping of scheme property by depositaryU.K.
5.—(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 FSA 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.