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(1) A trustee or pension fund manager shall not

(a) hold pension fund assets, or

(b) keep pension fund assets with a custodian where the trustee or pension fund manager has a business interest, shares or any other interest in that custodian.

(2) An employee of the trustee or pension fund manager shall not engage in a business transaction or trade in any manner with the trustee or pension fund manager as a counterpart or with a subsidiary in relation to pension fund or assets.