Template:M summ 2018 CSD 3(c)(iii)

Where, with the greatest of respect, the 2018 English law IM CSD gets totally over its skis. Had it just reined in its enthusiasm, and limited itself to dealing with *just* regulatory required IM, that actually has to be posted to a third party custodian, this document would have been shorter, less controversial, and way easier to understand. But no.