(1) Subject to paragraph (2), all the scheme property of an open-ended investment company must be entrusted for safekeeping to a person appointed for the purpose ("a depositary").
(2) Nothing in paragraph (1) -
(a) applies to any scheme property designated for the purposes of this regulation by FCA rules;
(b) prevents a depositary from -
(i) entrusting to a third party all or some of the assets in its safekeeping; or
(ii) in a case falling within sub-paragraph (i), authorising the third party to entrust all or some of those assets to other specified persons.
(3) Schedule 1 to these Regulations makes provision with respect to depositaries of open-ended investment companies.