المادة 19: Appointment of the Custodian

Article 19: Appointment of the Custodian

a. The fund manager must appoint one or more custodians in the kingdom to take custody of the assets of the fund it manages, and such custodian must be appointed pursuant to a written agreement.

b. The custodian appointed pursuant to paragraph (a) of this Article must not be the relevant fund manager, a sub-fund manager of the relevant fund, or an affiliate of the fund manager or the sub-fund manager.

c. The custodian appointed pursuant to paragraph (a) of this Article must be a capital market institution licensed to carry out the activity of custody. the custodian may appoint a sub-custodian, provided that the sub-custodian meets the requirements set out in this Article.

d. The manager of fund takes the form of a special purposes entity shall be exempted from the requirement to appoint a custodian under paragraph (a) of this Article and the Rules for Special Purposes Entities.

e. Where the simplified fund is a feeder fund, the fund’s custodian shall be exempt from the provisions of paragraph (b) of this Article, upon meeting the criteria set out in Article (25) of the Investment Funds Regulations.