Book Entry Assets. Investments which are represented by book-entry may be so held in an account maintained by the Book-Entry Agent on behalf of the Custodian, a Subcustodian or another agent of the Custodian, or a Securities Depository.
Book Entry Assets is amended by the addition of the following at the end of said Section: “With respect to Russian Equities, the Custodian shall instruct a Subcustodian to endeavor to assure that registration thereof shall be reflected on the books of the issuer’s Registrar. The Custodian shall not be liable for losses or costs incurred as a result of delays or failures in the registration process, including without limitation the inability to obtain or enforce relevant Share Extracts, provided that the Subcustodian has used reasonable efforts to obtain or enforce such Share Extract. Such registration may be in the name of a nominee of a Subcustodian. In the event registration is in the name of a nominee, each Fund hereby acknowledges that only the Subcustodian or a Securities Depository may give instructions to the Registrar to transfer or engage in other transactions involving the Russian Equities so registered. In the event registration is in the name of a Fund, the Fund will instruct the Registrar at the time the Russian Equities are purchased that only the Subcustodian or a Securities Depository will be authorized to take any action with respect to such Russian Equities. The Subcustodian will present to the Registrar in person the documentation necessary to effect any transaction. In order for a Fund to be able to purchase Russian Equities of any issuer, the Registrar with respect to the registration of such Russian Equities must be able and willing to enter into a contract with a Subcustodian (each, a “Registrar Contract”). Such Registrar Contracts shall contain, inter alia, substantially the following contractual provisions:
(i) Regular share confirmations by the Subcustodian: each Registrar Contract will establish the Subcustodian’s right to conduct regular share confirmations on behalf of the Fund. In conducting these share confirmations, a Subcustodian employee or agent will request either a duplicate Share Extract or some other sufficient evidence of verification, which shall include the name of the Subcustodian’s employee or agent conducting the share confirmation, the date and time of verification, the number of shares held in the name of the Fund or nominee reflected on the register, the signature and certification of the Subcustodian’s employee or agent, and, if possible, the signature of an appropriate official of the Registrar, and will determine if the extract reflects the same information as contained in the Subcustodian’s records. For at least the first ...
