FUNDS 12.3.3

(1) A Fund Manager of a Domestic Fund is not required to appoint an Eligible Custodian for the Fund pursuant to Rule 12.3.2 where it meets the requirements in either (2) and (3), or (4).
(2) The Fund Manager or, in the case of an Investment Trust, the Trustee, for the purpose of meeting the legal or regulatory requirements in relation to the ownership of Real Property applicable in the jurisdiction in which the Real Property is situated, may implement alternative arrangements for safekeeping where the arrangements:
(a) in the case of an Investment Trust, enable the Trustee to continue to control the Fund Property; and
(b) in all cases do not enable the Fund Manager to have unfettered control of the Fund Property.
(3) If the Fund Manager or, in the case of an Investment Trust, the Trustee, implements arrangements in accordance with (2), it must satisfy the Regulator that the arrangements have the effect specified in (2) and are legally effective in the Abu Dhabi Global Market and in the jurisdiction where the Real Property is situated.
(4) Where, due to the nature of the Fund and the type of assets which it holds, it is neither practical nor proportionate to appoint an Eligible Custodian pursuant to the above, a Fund Manager may choose not to appoint an Eligible Custodian, provided that title to such assets is either registered in the name of the Fund or is registered in the name of a nominee company (provided that in this latter case (i) such nominee company declares that it holds title to such assets on trust for the Fund; and (ii) the Fund Manager, vis-à-vis the Fund, takes full responsibility for the acts and omission of such nominee company).