CIR 13.4.2A CIR 13.4.2A
Fund Managerof an Exempt Property Fundis not required to appoint an Eligible Custodianunder CIR Rule 8.2.2(2) for Real Propertyif:(a) the Fund Manager acts as custodian of the Real Property or, if the Fund Manager uses a Fund Platform, the Incorporated Cell Company acts as custodian of the Real Property; and(b) the Fund Manager has in place effective arrangements which ensure that the Real Property is not available to creditors if the Fund Manager or the Incorporated Cell Company (as the case may be) becomes insolvent.
CIR 13.4.2A Guidance
Under this Rule, the arrangements must be legally effective to ensure that the
Real Propertyis not available to creditors if the Fund Manageror ICC becomes insolvent. This might involve, for example, the use of trust arrangements or registration of title in the name of the Fund. This option only applies to custody of Real Propertyand not, for example, to Property Related Assets.