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5.—(1) Subject to paragraph (2) below, all the scheme property of an investment company with variable capital shall be entrusted for safekeeping to a person appointed for the purpose (“a depositary”).
(2) Nothing in paragraph (1) above—
(a)shall apply to any scheme property designated for the purposes of this regulation by SIB regulations;
(b)shall prevent a depositary from—
(i)entrusting to a third party all or some of the assets in its safekeeping; or
(ii)in a case falling within paragraph (i) above, authorising the third party to entrust all or some of those assets to other specified persons.
(3) Schedule 2 to these Regulations (which makes provision with respect to depositaries of investment companies with variable capital) shall have effect.
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