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Sub-custodian: Difference between revisions
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{{a|cass|}}A sub-custodian is a sub-contractor appointed by a main custodian as part of its [[custody network]], to hold [[client asset]]s on behalf of a main custodian — usually to carry out functions that the main custodian can’t. for example, to hold assets in a jurisdiction where the main custodian has no licence to do so. | {{a|cass|}}A [[sub-custodian]] is a sub-contractor appointed by a main custodian as part of its [[custody network]], to hold [[client asset]]s on behalf of a [[main custodian]] — usually to carry out functions that the main custodian can’t. for example, to hold assets in a jurisdiction where the [[main custodian]] has no licence to do so. | ||
A sub-custodian therefore doesn’t have a direct [[contract]]ual relationship with the client<ref>Compare with a ''[[delegate]]'', who carries out the main | A [[sub-custodian]] therefore doesn’t have a direct [[contract]]ual relationship with the client.<ref>Compare with a ''[[delegate]]'', who carries out the [[main custodian]]’s client-facing function on its behalf, as described below.</ref> | ||
{{subcustodian risk}} | {{subcustodian risk}} | ||
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{{No lien letters}} | {{No lien letters}} | ||
{{sa}} | |||
*[[Custodian]] | *[[Custodian]] | ||
*[[No lien letter]] | *[[No lien letter]] | ||