An Applicant shall not be appointed as a Custodian of Pension Scheme assetsunless that Applicant:2.2.1 Is a body corporate2.2.2 Is a Bank or wholly owned subsidiary of a Bank2.2.3 Has sufficient presence and control in Ghana2.2.4 Is independent of the Approved Trustee and Pension Fund Managersappointed in respect of the Scheme, and all delegates of the Trustee andPension Fund Manager; and2.2.5 Satisfies minimum capital requirement and net asset value determined by the Authority.2.3 A Business entity has sufficient presence and control in Ghana if that entity'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 that Business entity has sufficient expertise and management resources in Ghana to conduct its business operations effectively.2.4 A Guarantee relating to a Custodian shall be issued in writing by an authorized financial institution or authorized insurer, and shall impose a continuing obligation on the authorized financial institution or authorized insurer to indemnify the Pension Scheme against any loss sustained by the Pension Scheme Members as a result of a failure by the Custodian to perform an obligation imposed under the National Pensions Act, 2008 (Act 766).