Regulation 51(1) A person shall not be appointed as a custodian of scheme assets unless that person(a) is a bank or a wholly owned subsidiary of a bank;(b) has a sufficient presence and control in Ghana; and(c) is independent of the approved trustee and pension fund managers appointed in respect of the scheme. (2) A person has a sufficient presence and control in Ghana if:(a) that person's day-to-day business activities in relation to its business in Ghana including the keeping of records in relation to its activities are conducted wholly in Ghana; and(b) that person has sufficient expertise and management resources in Ghana to conduct its business operations effectively. (3) A person satisfies the requirements under sub-regulations (1) and (2) if that person (a) is licensed by the Securities and Exchange Commission as a custodian under the Securities Industry Act, 1993 (P.N.D.C.L. 333); (b) has a paid up stated capital as stated in the Banking Act, 2004 (Act 673) and net assets of at least the same amount; and(c) issues a guarantee to the full sum and value of pension fund assets held by it or to be held by it.(4) A guarantee relating to a custodian(a) shall be issued in writing by an authorized financial institution or authorized insurer;(b) shall impose a continuing obligation on the authorized financial institution or authorized insurer to indemnify the scheme against any loss sustained by the scheme or the scheme members as a result of a failure by the custodian to perform an obligation imposed under the Act;(c) shall be governed by the laws of Ghana; and(d) may allow the guarantor to terminate its obligation under the guarantee only by giving not less than thirty days' written notice in advance to the Authority and to the custodian.