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Financial Custodian Agreement

There are also minimum requirements for the selection of this sub-depository. The custodian must assess the national risk, the conservation, the separation of assets and even the applicability of the contracts he signs with them. Not all of this information can be obtained by the sub-depositor itself. Delegation will be necessary in the event of a situation. If the custodian is not directly involved in the liquidation and registration of the assets in which the fund invests. This circular defines the obligations of custodians to their sub-depositors. Therefore, the value votes mentioned above must be performed at least once a week. With deposit contracts used for benefit programs, the custodian collects staff funds through regular wage deductions and invests the money; all fees associated with these agreements are generally less than the fees that would be charged to individual investors. As far as custody functions are concerned, the custodian is also designated as a custodian. The custodian holds legal ownership of the securities, but cannot negotiate them. In addition to the retention of the assets that make up the CIS portfolio, the shares of their investors are retained.

The result is the obligation to make the corresponding book entries on behalf of the unitholders. An example for an administrator is JP Morgan Chase. The number of custodians is governed by Title V of the Spanish CIS regulation, Article 126 and thereafter. As a general rule, the custodian performs custodian functions at the national level, but copies are prescribed internationally. Hence the number of sub-administrators. However, that role is also being played at the national level, as we will see. This rule protects investors and the manager himself, as it is necessary to formalize the delegation in a written contract. This regulation requires the custodian to check periodic votes and other technical aspects. Like what. B to ensure that financial instruments are properly registered to monitor the location and nature of these assets. The sub-custodian must also make a regular statement of his circumstances so that the custodian can monitor them. These plans apply to alternative investment funds from April 1, 2020.

In addition, the custodian must monitor the conservation and risk of the sub-depository at least once a year. In the event of market turbulence, this will be done on a more regular basis, reflecting the situation of Covid-19. the custodian or custodian of a collective investment may delegate his duties to a sub-custodian. This generally applies to the retention of international securities.

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