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          <h1>Certificate permits custodians to operate subject to capital, board approval for control changes, compliance, fees, and disclosures</h1> The certificate authorizes a custodian subject to conditions: it must meet the capital requirement before commencing activities; obtain prior approval of the Board for any change in control; comply with the governing Act and these regulations; execute valid custodial agreements with clients; pay annual fees as specified; promptly notify the Board if previously submitted information is materially false or changed; and may, in addition to custodial services, undertake other financial services, with non-bank custodians (and their subsidiaries/associates/joint ventures) allowed to provide such services only under conditions prescribed by the Board.

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