A person does not qualify as a custodian for the purposes of this Act unless that person

(a) is a body corporate;

(b) is a bank, an insurance company or a non-bank financial institution;

(c) is a wholly owned subsidiary of a bank, an insurance company or a non-bank financial institution;

(d) is licensed by the Securities and Exchange Commission as a custodian under the Securities Industry Act, 1993 (P.N.D.C.L. 333);

(e) satisfies minimum capital requirement and net asset value or a sum determined by the Board;

(f) is independent of the trustee and pension fund manager and all delegates of the trustee and pension fund manager; and

(g) has qualified management staff.