Before an Authorised Person passes, or permits to be passed, Safe Custody Investments to a Third-Party Agent it must have procured a written acknowledgement from the Third-Party Agent stating:
(a) that the title of the account sufficiently distinguishes that account from any account containing Investments belonging to the Authorised Person, and is in the form requested by the Authorised Person;
(b) that the Client Investment will only be credited and withdrawn in accordance with the instructions of the Authorised Person;
(c) that the Third-Party Agent will hold Client Investments separately from assets belonging to the Third-Party Agent;
(d) the arrangements for recording and registering Client Investments, claiming and receiving dividends and other entitlements and interest and the giving and receiving of instructions;
(e) that the Third-Party Agent will deliver a statement to the Authorised Person (including the frequency of such statement), which details the Client Investments deposited to the account;
(f) that all Investments standing to the credit of the account are held by the Authorised Person as agent and that the Third-Party Agent is not entitled to combine the account with any other account or to exercise any charge, mortgage, lien, right of set-off or counterclaim against Investments in that account in respect of any sum owed to it on any other account of the Authorised Person; and
(g) the extent of liability of the Third-Party Agent in the event of default.