2.4.1 the entity that the applicant provides custodial services to must be an entity regulated by MAS ("the Regulated Entity");

2.4.1A the applicant must not provide custodial services other than those to facilitate the provision of custodial services by that Regulated Entity, in respect of Deposited Securities that the Regulated Entity holds on trust for the Regulated Entity’s customers;

2.4.2 the applicant must furnish a banker's guarantee from a bank unrelated to the applicant, and acceptable to the Depository, to guarantee the due performance of its obligations under the Depository Agent Terms, and indemnify the Depository against all claims, losses, damages, costs, and expenses that may be incurred as a result of the breach, failure or inability of the applicant to perform any of its obligations; and

2.4.3 the Regulated Entity must provide a letter of undertaking in a form satisfactory to the Depository to be liable for any amount owing by the applicant.