FUNDS 12.3.8

Past version: effective from 21/10/2015 - 20/10/2015
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For the purposes of these Rules, an Eligible Custodian is a Person who is a separate legal entity from the Fund Manager and who also meets one of the following criteria:

(a) an Authorised Person whose Financial Services Permission authorises it to Provide Custody Services;
(b) an Authorised Person that is a Bank;
(c) a Recognised Body;
(d) a legal entity that is authorised and supervised by a Financial Services Regulator in a Recognised Jurisdiction for providing custody services in respect of a Fund and is subject to a minimum capital requirement of $4 million or its equivalent in any other currency at the relevant time and has had surplus revenue over expenditure for the last two financial years;
(e) a legal entity where it, or its holding company, is:
(i) in respect of its financial strength, rated or graded as at least "investment grade" by Moody's, Fitch or Standard & Poor's or such other international rating agency as may be recognised by the Regulator; and
(ii) authorised and supervised by a Financial Services Regulator in another jurisdiction which is a Zone 1 country; or
(f) a legal entity that is authorised or recognised by a Financial Services Regulator to operate as an exchange or a clearing house in a Recognised Jurisdiction;
(g) a legal entity that is and remains:
(i) controlled and wholly owned by one or more of the national governments of the six member states of the Gulf Cooperation Council;
(ii) authorised and supervised by a Financial Services Regulator or Central Bank of at least one of the said national governments; and
(iii) rated or graded as at least "investment grade" by Moody's, Fitch or Standard & Poor's or such other international rating agency as may be recognised by the Regulator; or
(h) any other legal entity otherwise acceptable to the Regulator: