FPR 6.5 FPR 6.5 Custodian
This section applies if the
DIFCis the Home Jurisdictionor the Host Jurisdictionof a Passported Fund.
FPR 6.5.2 FPR 6.5.2
To the extent that, under the legislation of its
Home Jurisdiction, a custodian is required to be appointed for a Private Fund, the Fund Managerof a Passported Fundthat is a Private Fundmust ensure that the custodian:(a) meets all requirements as to eligibility and regulatory status as are imposed under the relevant legislation in its Home Jurisdiction; and(b) is not the Fund Manager.
FPR 6.5.2 Guidance
Passported Private Fundsdomiciled in the DIFChave to comply with the applicable CIRrequirements regarding custodians.
Fund Managerof a Passported Fundthat is a Public Fundmust 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; and(b) not be the Fund Manager.
Nothing in this section prevents a custodian appointing sub-custodians in the