PART II FORMATION, SUPERVISION AND CONTROL
General
Safekeeping of scheme property by depositary5
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.