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          In order to promote the concept of check and balance, all provident fundís assets must be kept with a third party custodian. A custodian which is a separate entity from management company, must receive an approval from the office of the SEC and has the following "Fit and Proper" qualifications:

          (a) Must be a commercial bank, finance company, securities company, mutual fund management company, life assurance company, financial institution established by specific law and specified by the notification of the office of the SEC, or a limited company whose main business objective is to be custodian of securities or financial instruments.

          (b) Have proper operating system to facilitate custody business operation such as Safekeeping and verification of assets.

          (c) Have competent officers responsible for a custody unit.

          Click for list of custodians


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Last update : April 3, 2006

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