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This document serves as an application form for institutions seeking to be appointed as custodians in money market instruments under the Central Bank of Nigeria.
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How to fill out Appointment of Custodians as Depository in Money Market Instruments Application Form

01
Start by obtaining the Appointment of Custodians as Depository in Money Market Instruments Application Form from the relevant financial institution.
02
Fill out the applicant's details, such as name, contact information, and identification number.
03
Specify the type of money market instruments for which custodians are being appointed.
04
Provide details about the custodians, including their names, registration numbers, and contact details.
05
Indicate the duration for which the custodians are being appointed.
06
Review the completed form for accuracy and completeness.
07
Sign and date the form, providing any required authorizations.
08
Submit the form to the relevant authority or institution as instructed.

Who needs Appointment of Custodians as Depository in Money Market Instruments Application Form?

01
Individuals or entities looking to invest in money market instruments and require custodians to manage their assets.
02
Institutional investors who are mandated to appoint custodians for regulatory compliance.
03
Financial advisors setting up investment structures on behalf of their clients.
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People Also Ask about

While many use the terms interchangeably, custodians usually simply hold securities and other valuables for investors, while a depository can assume additional control, liability, and responsibility for the items.
A custodian bank holds financial assets for safekeeping to minimize the risk of theft or loss. Investment advisors are required to arrange for a custodian for assets that they manage for their clients. These assets may be stored in physical or electronic form.
What is the primary difference between custodian banks and Central Security Depositories ( CSDs ) ? Custodian banks are responsible for issuing new securities , while CSDs are responsible for clearing and settling trades in the secondary market.
Key differences 1. *Scope of services*: Custodians offer a broader range of services, including asset management and reporting, while depositories focus on holding and recording securities. 2. *Asset ownership*: Custodians hold assets on behalf of clients, while depositories record ownership and facilitate transfer.
A depository generally refers to a centralized safekeeping facility. A depositary, as defined under European law, is an entity eligible to act in a safekeeping and a fiduciary capacity in the EU member state of a collective investment scheme (fund), as well as providing global custody services.
By definition, custodians are responsible for the safekeeping of their clients' assets, as well as the processing of transactions. Although they are limited to fund clients, depositaries' duties go further than this, as they also perform some oversight duties and are liable for any losses.
Key differences 1. *Scope of services*: Custodians offer a broader range of services, including asset management and reporting, while depositories focus on holding and recording securities. 2. *Asset ownership*: Custodians hold assets on behalf of clients, while depositories record ownership and facilitate transfer.
While many use the terms interchangeably, custodians usually simply hold securities and other valuables for investors, while a depository can assume additional control, liability, and responsibility for the items.
Clients A depositary bank's clients are restricted to investment funds, while custodian banks can hold financial assets for a much wider range of businesses and individuals.
By definition, custodians are responsible for the safekeeping of their clients' assets, as well as the processing of transactions. Although they are limited to fund clients, depositaries' duties go further than this, as they also perform some oversight duties and are liable for any losses.

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The Appointment of Custodians as Depository in Money Market Instruments Application Form is a formal document used to designate custodians responsible for managing and safeguarding money market instruments on behalf of investors or institutions.
Entities or individuals who intend to appoint custodians for their money market instruments must file this form. This typically includes financial institutions, investment firms, and institutional investors.
To fill out the form, provide essential details such as the names of the custodians, the accounts managed, contact information, and the types of money market instruments. Ensure all sections are completed accurately and review for compliance with regulatory requirements.
The purpose of the form is to formally establish and document the appointment of custodians who will oversee and protect the investments in money market instruments, ensuring regulatory compliance and proper management.
The form must report information including the names and addresses of the custodians, the investor's details, descriptions of the money market instruments involved, and any relevant financial or regulatory data required by authorities.
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