In assessing a Recognised Body’s systems and controls for the safeguarding and administration of assets belonging to users of its facilities, the Regulator may have regard to the totality of the arrangements and processes by which the Recognised Body:
(a) records the assets held and the identity of the owners of (and other persons with relevant rights over) those assets;
(b) records any instructions given in relation to those assets;
(c) records the carrying out of those instructions;
(d) records any movement in those assets (or any corporate actions or other events in relation to those assets); and
(e) reconciles its records of assets held with the records of any custodian or sub‐ custodian (or Person Acting as a Central Securities Depository) used to hold these assets, and with the records of beneficial or legal ownership of those assets.