The Fund Manager of a Passported Fund that is a Public Fund must ensure that, except in the case of a property fund, a custodian is appointed at all times in relation to the Fund. Such custodian must:

(a) be authorised by the Securities and Commodities Authority to carry on the activity of providing custody or safekeeping and administration of property of a Fund if the Passported Public Fund is to be Promoted in the UAE from ADGM; and
(b) not be the Fund Manager.
Inserted on (11 March, 2019).