From The Jolly Contrarian
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(1) other than when acting as trustee or depositary of an AIF or acting as trustee or depositary of a UCITS:
- (a) a designated investment held for or on behalf of a client;
- (b) any other asset which is or may be held with a designated investment held for, or on behalf of, a client.
(2) in relation to acting as trustee or depositary of an AIF in CASS 6:
- (a) an AIF custodial asset held by a depositary in line with FUND 3.11.21 R (Depositary functions: safekeeping of financial instruments); or
- (b) any other asset of an AIF in respect of which a depositary exercises safe-keeping functions in line with FUND 3.11.23 R (Depositary functions: safekeeping of other assets).
(3) in relation to acting as trustee or depositary of a UCITS in CASS 6:
- (a) a UCITS custodial asset held by a depositary in line with COLL 6.6B.18R (Depositary functions: safekeeping of financial instruments); or
- (b) any other asset of a UCITS for which a depositary exercises safe-keeping functions in line with COLL 6.6B.19R (Depositary functions: safekeeping of other assets).
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