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Jul 11 2010 onwards

21. Trustee



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(1) A person shall not act as a Trustee of a Domestic Fund which is an Investment Trust unless that person is either:
(a) a body corporate which is an Authorised Firm with a Licence authorising it to act as a Trustee or to Provide Custody; or
(b) a person regulated and supervised by a Financial Services Regulator in a Recognised Jurisdiction with respect to its custody or depository services.
(2) A person does not breach the prohibition in Article 21(1) where that person acts under a sub-custody arrangement entered into between that person and a person referred to in Article 21(1)(a) or (b).