If portfolio assets are held outside of Canada by a sub-custodian, the sub-custodian must be one of the following:
(1) an entity referred to in section 6.2;
(2) an entity that
(a) is incorporated or organized under the laws of a country, or a political subdivision of a country, other than Canada,
(b) is regulated as a banking institution or trust company by the government, or an agency of the government, of the country under the laws of which it is incorporated or organized, or a political subdivision of that country, and
(c) has equity, as reported in its most recent audited financial statements, of not less than the equivalent of $100,000,000;
(3) an affiliate of an entity referred to in paragraph 1 or 2 if either of the following applies:
(a) the affiliate has equity, as reported in its most recent audited financial statements, of not less than the equivalent of $100,000,000;
(b) the entity referred to in paragraph 1 or 2 has assumed responsibility for all of the custodial obligations of the affiliate for that investment fund.