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.