Art. 104

(Art. 73 CISA)

1. The custodian bank has the following tasks:
   1. It is responsible for account and safekeeping account management on behalf of the collective investment schemes, but does not have independent access to their assets.
   2. It ensures that in the case of transactions relating to the assets of the collective investment scheme the counter-value is transferred thereto within the usual time limit.
   3. It notifies the fund management company or collective investment scheme if the counter-value is not refunded within the usual time limit and where possible requests reimbursement for the asset item concerned from the counterparty.
   4. It keeps the required records and accounts in such manner that it is at all times able to distinguish between the assets held in safe custody of the individual collective investment schemes.
   5. In relation to assets that cannot be placed in safe custody, it verifies owner- ship of the fund management company or collective investment scheme and keeps a record thereof.¹
2. In the case of real estate funds and L-QIF with real estate investments, it shall be responsible for the safekeeping of mortgage notes against which no loans have been raised, in addition to the shares in real estate companies. It may hold accounts with third parties for the purpose of the ongoing management of real estate assets.²
3. In the case of collective investment schemes comprising subfunds, all duties shall be performed by the same custodian bank.