Section 100: Custodian licence
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
100. Custodian licence
(1) No person shall hold the assets of a collective investment scheme for
safekeeping unless the person holds a custodian licence.
(2) The Commission shall not grant a custodian licence for the purposes
of this section unless the applicant—
(a) is a bank or is a trust company that is a subsidiary of a bank; and
(b) meets the requirements relating to duties and obligations, use of
sub-custodians and other conditions as may be prescribed or
specified in FSC Rules.
(3) Nothing in this section shall prevent a trustee of a trust set up under
the repealed Unit Trust Act or the Trusts Act from acting as custodian in relation to the property of the trust provided that the trustee complies with the
requirements for custodians under this Act, any regulations made under this
Act, and any FSC Rules.