S.L. 514.3 Art. 16Custody of assets of a retirement scheme or retirement fund.

(1) The custody of all the assets of a retirement scheme shall be entrusted to the person responsible for the operation, administration and management of the retirement scheme or to a custodian appointed by an instrument in writing with the approval of the competent authority.

(2) The custody of all the assets of a retirement fund set up as an investment company with variable share capital shall be entrusted to the board of directors of the retirement fund or to a custodian appointed by an instrument in writing with the approval of the competent authority.