Where no depositary is appointed by the trustees of a scheme or trust RAC, for the purpose of -
(a) the safe-keeping of assets of the scheme or trust RAC and oversight duties or, as the case may be, the safe-keeping of assets, the trustees of that scheme or trust RAC shall make arrangements to prevent or resolve (or both) any conflict of interest in the course of performing tasks that are otherwise performed by a depositary and an asset manager,
(b) the safe-keeping of assets under section 64AQ, the trustees of that scheme or trust RAC shall -
(i) ensure that financial instruments are subject to due care and protection,
(ii) keep records that enable them to identify all assets of the scheme or trust RAC at all times and without delay,
(iii) take the necessary measures to avoid conflicts of interest in relation to the safekeeping of assets of that scheme or trust RAC, and
(iv) inform the Pensions Authority, on request, about the manner in which assets are being kept, and
(c) oversight d
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