1. Rule 12.3.3 below sets out the circumstances in which a Fund Manager of a Domestic Fund would not be required to appoint an Eligible Custodian.
2. Rule 12.12 governs the power of a Fund Manager to delegate certain of its Regulated Activities, and to outsource its functions.
3. Rule 12.3.2(1) is not intended to confer strict liability for the safekeeping of Fund Property on a Fund Manager.