Custody relationship definition
Custody relationship means the provision of safekeeping, reporting, processing of assets or the facilitation of the operational and administrative elements of related activities on behalf of customers in the process of their transacting and retaining financial assets. Such services are limited to the settlement of securities transactions, the transfer of contractual payments, the processing of collateral and the provision of custody related cash management services. Also included are the receipt of dividends and other income, client subscriptions and redemptions. Custodial services can further extend to asset and corporate trust servicing, treasury, escrow, funds transfer, stock transfer and agency services, including payment and settlement services (excluding correspondent banking) and depository receipts.
Examples of Custody relationship in a sentence
The Bank shall not be responsible for the filing of any information in connection with class action litigations on behalf of the Funds for periods prior to the beginning of the Funds Custody relationship with the Bank.