approved depositary
- (a) which is subject to regulation by a national regulatory body in connection with its custody services;
- (b) which is required to prepare audited accounts;
- (c) whose latest annual audit report is not materially qualified; and
- (d) which
- (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
- (ii) if not, nevertheless has adequate financial resources for its business.
42any depositary: