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  1. Point in time
    2005-01-31

approved depositary

42any depositary:

  1. (a) which is subject to regulation by a national regulatory body in connection with its custody services;
  2. (b) which is required to prepare audited accounts;
  3. (c) whose latest annual audit report is not materially qualified; and
  4. (d) which
    1. (i) has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time) and has surplus revenue over expenditure for the last two financial years; or
    2. (ii) if not, nevertheless has adequate financial resources for its business.