If portfolio assets are held in Canada by a custodian or sub-custodian, the custodian or sub-custodian must be one of the following:
(1) a bank listed in Schedule I, II or III of the Bank Act (Canada);
(2) a trust company that is incorporated under the laws of Canada or a jurisdiction and licensed or registered under the laws of Canada or a jurisdiction, and that has equity, as reported in its most recent audited financial statements, of not less than $10,000,000;
(3) a company that is incorporated under the laws of Canada or of a jurisdiction, and that is an affiliate of a bank or trust company referred to in paragraph 1 or 2, if either of the following applies:
(a) the company has equity, as reported in its most recent audited financial statements, of not less than $10,000,000;
(b) the bank or trust company has assumed responsibility for all of the custodial obligations of the company for that investment fund.