(1) The custodian of an investment fund must, on a periodic basis not less frequently than annually,
(a) review the custodian agreement and all sub-custodian agreements of the investment fund to determine if those agreements are in compliance with this Part;
(b) make reasonable enquiries as to whether each sub-custodian satisfies the applicable requirements of section 6.2 or 6.3; and
(c) make or cause to be made any changes that may be necessary to ensure that
(i) the custodian and sub-custodian agreements are in compliance with this Part; and
(ii) all sub-custodians of the mutual fund satisfy the applicable requirements of section 6.2 or 6.3.
(2) The custodian of an investment fund must, within 60 days after the end of each financial year of the investment fund, advise the investment fund in writing
(a) of the names and addresses of all sub-custodians of the investment fund;
(b) whether the custodian and sub-custodian agreements are in compliance with this Part; and
(c) whether, to the best of the knowledge and belief of the custodian, each sub-custodian satisfies section 6.2 or 6.3, as applicable.
(3) A copy of the report referred to in subsection (2) must be delivered by or on behalf of the investment fund to the securities regulatory authority within 30 days after the filing of the annual financial statements of the investment fund.
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