Regulation 34(1) An approved trustee of a registered scheme shall (a) appoint an eligible person in accordance with eligibility requirements for the appointment of a custodian of scheme assets specified under these Regulations to be the custodian of the scheme assets; (b) ensure that the scheme assets are kept by, or are under the control of the custodian; and (c) enter into a custodial agreement with the custodian setting out the functions of the custodian with respect to the assets of the scheme. (2) The agreement shall be in accordance with the requirements in relation to custodial agreements specified under these Regulations.