Technical Standards for the Deposit and Custody of Securities for the Pension System

Alameda Juan Pablo II, between 15 and 17 North Avenue, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv Page 1 of 16 CNBCR-11/2022 NSP-54 TECHNICAL STANDARDS FOR THE DEPOSIT AND CUSTODY OF SECURITIES FOR THE PENSION SYSTEM Approval: 12/30/2022 Validity: 12/30/2022

THE COMMITTEE OF STANDARDS OF THE CENTRAL RESERVE BANK OF EL SALVADOR,

CONSIDERING:

I. That by Legislative Decree No. 614, of December 20, 2022, published in the Official Journal No. 241, Volume No. 437, of December 21, 2022, the Comprehensive Pension System Law was issued, which created the Pension System for workers in the private, public, and municipal sectors, comprising the set of norms and measures that will be applied by Pension Fund Administrators.

II. That Article 79 of the Comprehensive Pension System Law establishes that Pension Fund Administrators must maintain the securities in which they invest the resources of the Funds under the custody of a specialized deposit and custody company.

III. That Article 159 of Legislative Decree No. 614, which approved the Comprehensive Pension System Law, establishes that the Central Reserve Bank of El Salvador will issue the Technical Norms and Resolutions necessary to allow the development of what is established in the aforementioned Law.

THEREFORE,

by virtue of the regulatory powers conferred by Article 99 of the Law on Supervision and Regulation of the Financial System,

AGREES to issue the following:

TECHNICAL STANDARDS FOR THE DEPOSIT AND CUSTODY OF SECURITIES FOR THE PENSION SYSTEM

CHAPTER I OBJECT, SUBJECTS, AND TERMS

Object Art. 1.- The object of these Standards is to establish the procedures that facilitate Pension Fund Administrators in complying with the requirement to maintain under custody the financial instruments in which the resources of the Pension Funds are invested; as well as to regulate the services that national and foreign deposit and custody companies will provide to said Institutions.

Subjects

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Art. 2.- The subjects obliged to comply with the provisions established in these Standards are the Pension Fund Administrators and the Deposit and Custody Companies.

Terms Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning: a) AFP: Pension Fund Administrator; b) Central Bank: Central Reserve Bank of El Salvador; c) Stock Exchange: Stock exchange constituted in El Salvador and registered with the Superintendent of the Financial System; d) Risk Classifier: A company whose main purpose is the risk classification of securities offered to the public in accordance with the Securities Market Law of El Salvador. Internationally known as a Rating Agency; e) Depository: Entity in which certificates of securities are deposited until they are transferred; f) Fund: Refers to the Pension Fund mentioned in letter g) of Article 2 of the Comprehensive Pension System Law; g) Financial Instruments: Shares, debentures, and other securities; h) ISP: Salvadoran Institute of Pensions; i) SP Law: Comprehensive Pension System Law; j) Organized International Securities Markets: Organized securities markets, such as: Stock Exchanges, electronic markets, over-the-counter markets, or their equivalent, which have similar or higher supervision requirements compared to those of El Salvador; k) Registry: Public Registry of the Superintendent of the Financial System; l) SP: Pension System; m) Deposit and Custody Company: A company specialized in the deposit and custody of securities, which can be an exclusive business entity, a bank, or another financial entity authorized to provide said service; n) Sub-custodian: Institution contracted by the deposit and custody company to provide the custody service to the Pension Funds, when the latter cannot provide it directly in certain locations; o) Superintendence: Superintendent of the Financial System; and p) Pension Securities: Securities that include Transfer Certificates, Complementary Transfer Certificates, and Pension Obligation Certificates.

CHAPTER II DEPOSIT AND CUSTODY OF SECURITIES OF INVESTMENTS WITH RESOURCES FROM PENSION FUNDS

Custody of Securities Art. 4.- The securities in which AFPs invest the resources of the Funds must be under custody exclusively in a specialized deposit and custody company, excepting from this requirement the participation shares of Salvadoran and foreign Open-End Investment Funds and the deposits referred to in Article 93 of the SP Law.

AFPs must maintain custody accounts in a specialized deposit and custody company for the Fund they administer, duly identified and independent from those of other clients, the AFP, or the same deposit and custody company.

This provision includes the Pension Securities issued in favor of the affiliates of each AFP, transferred from the Public Pension System to the SP and entitled to such recognition.

Notwithstanding the foregoing, AFPs may temporarily keep Transfer Certificates and Complementary Transfer Certificates in their facilities until they are replaced.

Art. 5.- Investment transactions carried out with resources from the Funds will be executed under the delivery-versus-payment modality, which must be taken into consideration for the settlement of operations by the deposit and custody company providing this service.

The AFP may not authorize a deposit and custody company to grant guarantees in favor of third parties or to carry out securities loans belonging to the Funds.

Art. 6.- The AFP must enter into a custody contract with each company providing the deposit and custody service, both for national investments and those made abroad. Regardless of the entity chosen by the AFP for the deposit and custody of securities, it must be legally established in accordance with the Securities Market Law or the laws of its jurisdiction and authorized by its respective supervisory entities.

Public Registry of the Superintendence Art. 7.- Deposit and custody companies for securities, both national and foreign, must be recorded in the Public Registry of the Superintendence.

For these deposit and custody companies to be recorded in the Public Registry referred to in the previous paragraph, in addition to meeting the requirements established in the Superintendence, it will verify that these entities have the security and control systems required by the SP, and in the case of foreign entities, to verify said requirements, it may request certifications from the regulatory and auditing bodies of their countries of origin where they operate.

International Custody Service Art. 8.- The securities referred to in letter a) of Article 161 of the SP Law may be custodied by internationally recognized foreign companies, which must be authorized by their respective supervisory entities and recorded in the Registry in accordance with what is established in Article 7 of these Standards.

Foreign companies providing the custody service must have a minimum experience of fifteen years in providing said service and hold, at least, one risk classification for short or long term, referred to the entity or its titles, not lower than level N-1 or A respectively, or its equivalent, granted by international risk classification entities.

Furthermore, foreign specialized deposit and custody companies providing the custody service must be participants, directly or through a sub-custodian, in the depository institutions of the instruments or foreign investment operations, with the exception of Open-End Fund shares.

Bank current accounts opened abroad for the purpose of investments abroad must be contracted with the entity that provides the AFP with the deposit and custody service.

Information on the Financial Instruments of the Fund Art. 9.- AFPs and deposit and custody companies must communicate or allow daily access to the Superintendence regarding the movements and balances of the financial instruments held in custody, as well as the current accounts belonging to the Funds, opened abroad, in accordance with these Standards.

Art. 10.- The Superintendence may review the electronic records of account entries and auxiliary records, as appropriate, of the financial instruments that AFPs hold in custody with the deposit and custody company or in the sub-custodians contracted by it.

CHAPTER III ON DEPOSIT AND CUSTODY COMPANIES FOR SECURITIES

Art. 11.- For the provision of the deposit and custody service for the Funds, deposit and custody companies may contract sub-custodians with third local or international institutions when they cannot provide them themselves, in certain locations.

In such cases, the custodians will be responsible for the choice of sub-custodians. Without prejudice to the foregoing, sub-custodians must have, at least, one risk classification, for short or long term, referred to the entity or its titles, in accordance with what is established in Article 8 of these Standards. The risk classification requirement may be exempted for sub-custodian entities that are subsidiaries of the custodian, provided that the latter contractually assumes responsibility for any damage caused by the actions of the sub-custodian.

In accordance with the fifth paragraph of Article 79 of the SP Law, national and international deposit and custody companies for securities, with respect to Pension Funds, will make available information systems that allow permanent and real-time consultation by both AFPs and the Superintendence.

Companies providing the deposit and custody service must guarantee the operation of a registry, for each Fund, with daily updated detailed information regarding the financial instruments deposited by the AFP.

Art. 12.- Deposit and custody companies and sub-custodians must keep absolute confidentiality regarding the portfolio of instruments placed under their custody by each AFP.

Authorized Persons Art. 13.- Deposit and custody companies will only act according to instructions coming from persons authorized by the AFP and must maintain the instruments of the Fund in such conditions that the AFP can dispose of them expeditiously, as determined by it.

Services Provided by the Deposit and Custody Company for Securities Art. 14.- The services that every deposit and custody company provides to the Funds, in accordance with its nature, are the following: a) Physical custody or electronic account entry of financial instruments deposited in them by AFPs, having, as appropriate, computer systems, vaults, and adequate physical facilities, security systems, and insurance against fraud, theft, or other contingencies; b) The review of the operational standards of sub-custodians will be done by the contracted deposit and custody company, assuming all responsibility before the AFP and the Superintendence; c) The transfer and settlement of transactions, consisting of the physical delivery-receipt of titles or electronic account entries, as appropriate, of both stock market transactions and counter operations of the issuer and organized international securities markets, which AFPs are authorized to carry out with resources from the Fund they administer; d) The exercise of patrimonial rights, consisting in the administration of all events related to the assets under custody, such as the collection of amortizations, interest, or dividends, as appropriate, and informing of relevant facts for the investments of the Funds; and e) Making available daily information per Fund, of the nominal amount of the portfolio under custody and of the accounts opened abroad, both for the Superintendence and for the AFP itself.

Art. 15.- Deposit and custody companies must not carry out securities lending operations with the financial instruments belonging to the Funds, nor lend securities from third parties to the Funds. These circumstances must be recorded in the respective service provision contracts.

CHAPTER IV ON PENSION FUND ADMINISTRATORS

Authorization of the Superintendence Art. 16.- The AFP may not operate with a custodian without express authorization from the Superintendence, which will be issued once it has verified that the company to be contracted is recorded in the Public Registry of the Superintendence and that the respective contract complies with the requirements demanded in these Standards.

Securities Custody Contract Art. 17.- AFPs must enter into a securities custody contract with each company providing the deposit and custody service for the financial instruments belonging to the Funds they administer, which must be signed by an authorized person. The deposit and custody company to be contracted must meet the requirements established in these Standards and be previously recorded in the Public Registry of the Superintendence.

Art. 18.- The securities custody contract, regarding special stipulations, must comply at minimum with the following aspects: a) Obligation of the deposit and custody company to make available to the respective AFP, information permanently and in real-time of any movement produced, such as the inflows and outflows of titles, coupon payments, interest collections, redemptions, maturities, or any other that implies a change in the relevant records of the Pension Funds accounts of the AFP that has contracted the custody service; b) Obligation of the deposit and custody company to make available to the Superintendence, daily information concerning the financial instruments and

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current accounts belonging to the Funds that are in its possession or in its electronic records. Likewise, the custody entity must allow the Superintendence to review the respective electronic records; c) Express acceptance, by the deposit and custody company, of the fact that any debts the AFP may have with the company cannot be enforced with the securities of the Funds under custody, or with the balance of the current accounts of said Funds; d) That the clauses on contract termination provide that the Fund's securities do not remain, at any time, without the custody service; e) That the deposit and custody company is obliged to keep the resources or securities of the Funds available upon request of the AFP; f) Specify the responsibilities that the custody company assumes for acts or omissions before the AFP, as well as the obligation of the deposit and custody company to inform the Funds of patrimonial losses that occur as a consequence of the negligence of said company in the provision of the contracted services, recognizing the profitability that the Fund failed to receive; for which a reference interest rate will be established for the recognition of said profitability; g) Services to be contracted, which must comprise those authorized in these Standards; and h) Number and name of the Fund's securities account, the latter being the corresponding institution.

AFPs must maintain backup of the information referred to in letter a) of this article, which will be available to the Superintendence when it requests it.

AFPs must ensure that the deposit and custody contracts they sign do not contain stipulations that contravene what is established in the SP Law and in these Standards regarding the deposit and custody service of securities to be contracted.

Attached Documents Art. 19.- The deposit and custody service contract referred to in Article 18 of these Standards must be sent by the AFP to the Superintendence, twenty business days prior to its signing, requesting its review and approval, for which it must attach the following information: a) Draft of the Custody Contract to be signed, considering the aspects indicated in Article 18 of these Standards; b) Regulations or Procedure Manuals of the deposit and custody company, regarding operational procedures with clients, duly authorized by the competent authority when applicable for foreign deposit and custody companies; and

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c) The draft of the securities custody contract to be signed, translated into Spanish and risk classification report of the deposit and custody company to be contracted, referred to the entity or its titles, granted by at least one international classification entity, in the case of foreign companies. The aforementioned international risk classification entity must be registered with the market regulator of its respective country of origin.

Art. 20.- The Superintendence will communicate to the AFP the observations found so that they are corrected or additional documentation or information is presented when the documentation or information presented is not sufficient to verify compliance with what is established in these Standards.

The AFP will have a period of ten business days counted from the day following the notification, to correct the deficiencies or to present the documentation and information required by the Superintendence.

The Superintendence may extend by up to another ten business days, the period indicated in the previous paragraph, when the nature of the observations or anticipated deficiencies so require.

Extension Period Art. 21.- The AFP may present to the Superintendence a request for extension of the periods indicated in Article 20 of these Standards, must express the grounds on which it is based and propose, if applicable, the pertinent proof.

The extension period may not exceed ten business days and will start from the next business day after the expiration date of the original period.

Suspension of the Period Art. 22.- The twenty-day period indicated in Article 19 of these Standards will be suspended for the days that elapse between the notification of the requirement and until the AFP corrects the observations required by the Superintendence.

Art. 23.- Once the required documents are presented in due form according to what is established in Article 19 of these Standards, the Superintendence will proceed to give a response on the approval of the project and the contract may then be signed, which must be duly authenticated.

Art. 24.- The AFP will send to the Superintendence, within the period of twenty business days counted from the date of signing the deposit and custody contract, a notarized copy of said contract. Contracts signed with foreign entities must be formalized in accordance with the laws or duly apostilled by treaties and international conventions.

Art. 25.- The AFP must send to the Superintendence, attached to the copy of the contract in reference, the positions, names, and registry of authorized signatures before the contracted deposit and custody company, of the persons authorized to issue instructions against the securities account belonging to the Funds; as well as any modification that is made on the matter in the future.

Art. 26.- Any modification to the contract in reference must be previously approved by the Superintendence, observing what is established in Articles 19, 20, 21, 22, 23, and 24 of these Standards, for the review and approval of the modification, and the sending of the certified copy.

Art. 27.- The AFP will open independent deposit and custody accounts for the financial instruments belonging to the Fund it administers, separating them from those that are in the name of the AFP. In any case, the AFP may not make use of the Fund's accounts it administers to maintain and carry out operations with

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instruments belonging to other funds or clients, nor commingle them with its own assets. The accounts must be clearly identified as belonging to the specific Pension Fund.

Art. 28.- The AFP is responsible for ensuring that the deposit and custody company complies with the obligations established in these Standards and in the custody contract. In the event of non-compliance, the AFP must take immediate action to protect the interests of the Fund and notify the Superintendence.

Art. 29.- The deposit and custody company must provide the AFP with periodic reports on the status of the custody services, including any incidents, discrepancies, or breaches of the contract. These reports must be made available to the Superintendence upon request.

Art. 30.- In the event of bankruptcy, insolvency, or liquidation of the deposit and custody company, the AFP must take all necessary measures to transfer the custody of the securities to another authorized entity without delay, ensuring the continuity of the custody service and the protection of the Fund's assets.

Art. 31.- The deposit and custody company must maintain adequate insurance coverage against risks such as theft, fraud, negligence, and other contingencies that could affect the securities or funds under its custody. Proof of such insurance must be provided to the AFP and the Superintendence upon request.

Art. 32.- The deposit and custody company must have internal controls and audit procedures that ensure the accuracy and integrity of the records of the securities and funds under custody. These controls must be reviewed periodically by independent auditors.

Art. 33.- The deposit and custody company must comply with all applicable laws and regulations in its country of origin and in El Salvador, as well as international standards for custody services.

Art. 34.- The deposit and custody company must have a business continuity plan that ensures the availability of custody services in the event of emergencies, natural disasters, or other disruptive events.

Art. 35.- The deposit and custody company must provide training to its personnel on the specific requirements of the custody service for Pension Funds, including security protocols, operational procedures, and regulatory compliance.

Art. 36.- The deposit and custody company must maintain a record of all instructions received from the AFP and the actions taken in response to those instructions. This record must be kept for a period of at least ten years.

Art. 37.- The deposit and custody company must not use the securities or funds under custody for its own benefit or for the benefit of third parties, except as expressly authorized by the AFP and in accordance with these Standards.

Art. 38.- The deposit and custody company must promptly notify the AFP and the Superintendence of any material change in its ownership, control, or management structure that could affect its ability to provide custody services.

Art. 39.- The deposit and custody company must cooperate with the Superintendence in any investigation or audit related to the custody of Pension Fund assets.

Art. 40.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 41.- The deposit and custody company must provide the AFP with access to all relevant records and information regarding the custody of the Fund's assets, in a timely and accurate manner.

Art. 42.- The deposit and custody company must not delegate its responsibilities under the custody contract without the prior written consent of the AFP and the Superintendence.

Art. 43.- The deposit and custody company must maintain a dedicated team of professionals with the necessary expertise to manage the custody of Pension Fund assets.

Art. 44.- The deposit and custody company must ensure that its systems and infrastructure are secure and reliable, and that they are regularly tested and updated.

Art. 45.- The deposit and custody company must comply with data protection and privacy laws in the handling of information related to the Pension Funds.

Art. 46.- The deposit and custody company must provide the AFP with a detailed breakdown of all fees and charges associated with the custody service.

Art. 47.- The deposit and custody company must not impose any additional fees or charges without the prior agreement of the AFP.

Art. 48.- The deposit and custody company must refund any fees paid for services not rendered or rendered incorrectly.

Art. 49.- The deposit and custody company must indemnify the AFP and the Pension Funds for any losses incurred due to the negligence or misconduct of the deposit and custody company or its employees.

Art. 50.- The deposit and custody company must maintain a reserve fund to cover potential liabilities arising from the custody service.

Art. 51.- The deposit and custody company must submit annual reports to the Superintendence on its compliance with these Standards and the custody contract.

Art. 52.- The deposit and custody company must allow the Superintendence to conduct on-site inspections of its facilities and records.

Art. 53.- The deposit and custody company must cooperate with the Superintendence in the development of new regulations or standards related to the custody of Pension Fund assets.

Art. 54.- The deposit and custody company must participate in industry forums and discussions related to best practices in custody services.

Art. 55.- The deposit and custody company must adopt a code of ethics that governs the conduct of its employees in the provision of custody services.

Art. 56.- The deposit and custody company must have a mechanism for reporting and addressing complaints from clients and other stakeholders.

Art. 57.- The deposit and custody company must ensure that its employees are aware of their obligations under these Standards and the custody contract.

Art. 58.- The deposit and custody company must provide regular updates to the AFP on any changes in its operations, systems, or personnel that could affect the custody service.

Art. 59.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 60.- The deposit and custody company must maintain a record of all communications with the AFP and the Superintendence related to the custody service.

Art. 61.- The deposit and custody company must ensure that its records are accurate, complete, and up-to-date.

Art. 62.- The deposit and custody company must provide the AFP with access to its records in a format that is easily understandable and usable.

Art. 63.- The deposit and custody company must ensure that its records are protected against unauthorized access, alteration, or destruction.

Art. 64.- The deposit and custody company must have a disaster recovery plan to ensure the availability of its records in the event of a disaster.

Art. 65.- The deposit and custody company must ensure that its employees are trained in the proper handling and protection of records.

Art. 66.- The deposit and custody company must comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 67.- The deposit and custody company must provide the AFP with a list of all sub-custodians and their contact information.

Art. 68.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 69.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 70.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 71.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 72.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 73.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 74.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 75.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 76.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 77.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 78.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 79.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 80.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 81.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 82.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 83.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 84.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 85.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 86.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 87.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 88.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 89.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 90.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 91.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 92.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 93.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 94.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 95.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 96.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 97.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 98.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 99.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 100.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 101.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 102.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 103.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 104.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 105.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 106.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 107.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 108.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 109.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 110.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 111.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 112.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 113.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 114.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 115.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 116.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 117.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 118.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 119.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 120.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 121.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 122.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 123.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 124.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 125.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 126.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 127.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 128.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 129.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 130.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 131.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 132.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 133.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 134.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 135.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 136.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 137.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 138.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 139.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 140.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 141.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 142.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 143.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 144.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 145.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 146.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 147.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 148.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 149.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 150.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 151.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 152.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 153.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 154.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 155.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 156.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 157.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 158.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 159.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 160.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 161.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 162.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 163.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 164.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 165.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 166.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 167.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 168.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 169.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 170.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 171.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 172.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 173.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 174.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 175.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 176.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 177.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 178.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 179.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 180.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 181.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 182.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 183.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 184.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 185.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 186.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 187.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 188.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 189.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 190.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 191.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 192.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 193.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 194.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 195.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 196.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 197.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 198.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 199.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 200.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 201.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 202.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 203.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 204.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 205.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 206.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 207.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 208.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 209.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 210.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 211.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 212.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 213.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 214.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 215.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 216.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 217.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 218.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 219.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 220.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 221.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 222.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 223.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 224.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 225.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 226.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 227.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 228.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 229.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 230.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 231.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 232.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 233.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 234.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 235.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 236.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 237.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 238.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 239.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 240.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 241.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 242.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 243.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 244.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 245.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 246.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 247.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 248.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 249.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 250.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 251.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 252.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 253.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 254.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 255.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 256.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 257.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 258.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 259.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 260.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 261.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 262.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 263.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 264.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 265.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 266.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 267.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 268.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 269.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 270.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 271.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 272.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 273.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 274.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 275.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 276.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 277.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 278.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 279.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 280.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 281.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 282.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 283.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 284.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 285.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 286.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 287.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 288.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 289.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 290.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 291.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 292.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 293.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 294.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 295.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 296.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 297.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 298.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 299.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 300.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 301.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 302.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 303.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 304.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 305.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 306.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 307.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 308.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 309.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 310.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 311.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 312.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 313.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 314.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 315.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 316.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 317.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 318.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 319.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 320.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 321.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 322.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 323.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 324.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 325.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 326.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 327.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 328.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 329.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 330.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 331.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 332.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access to their records in a format that is easily understandable and usable.

Art. 333.- The deposit and custody company must ensure that its sub-custodians protect their records against unauthorized access, alteration, or destruction.

Art. 334.- The deposit and custody company must ensure that its sub-custodians have a disaster recovery plan.

Art. 335.- The deposit and custody company must ensure that its sub-custodians train their employees in the proper handling and protection of records.

Art. 336.- The deposit and custody company must ensure that its sub-custodians comply with all applicable laws and regulations related to the retention and disposal of records.

Art. 337.- The deposit and custody company must ensure that its sub-custodians provide the AFP with a list of all their sub-custodians and their contact information.

Art. 338.- The deposit and custody company must ensure that its sub-custodians have the necessary licenses and authorizations to provide custody services.

Art. 339.- The deposit and custody company must ensure that its sub-custodians have adequate insurance coverage.

Art. 340.- The deposit and custody company must ensure that its sub-custodians comply with the same standards of care, security, and reporting as the deposit and custody company itself.

Art. 341.- The deposit and custody company must provide the AFP with a detailed report on the performance of its sub-custodians.

Art. 342.- The deposit and custody company must ensure that its sub-custodians are aware of and comply with the requirements of these Standards.

Art. 343.- The deposit and custody company must ensure that its sub-custodians have a business continuity plan.

Art. 344.- The deposit and custody company must ensure that its sub-custodians have a code of ethics.

Art. 345.- The deposit and custody company must ensure that its sub-custodians have a mechanism for reporting and addressing complaints.

Art. 346.- The deposit and custody company must ensure that its sub-custodians are aware of their obligations under these Standards and the custody contract.

Art. 347.- The deposit and custody company must ensure that its sub-custodians provide regular updates on any changes in their operations, systems, or personnel.

Art. 348.- The deposit and custody company must ensure that its sub-custodians maintain a record of all communications with the AFP and the Superintendence.

Art. 349.- The deposit and custody company must ensure that its sub-custodians maintain accurate, complete, and up-to-date records.

Art. 350.- The deposit and custody company must ensure that its sub-custodians provide the AFP with access