custodian
- (a) an approved bank;
- (b) an approved depositary;
- (c) a member of a recognised investment exchange or designated investment exchange;
- (d) a firm whose permitted activities include safeguarding and administering investments;
- (e) a regulated clearing firm;
- (f) where it is not feasible to use a custodian in (a) to (e), and there are reasonable grounds to show that a person outside the United Kingdom, whose business includes the provision of custodial services, is able to provide such services which are appropriate to the client and in the client's best interest to use, that person.3