Document ID: chunk:federal_register_of_legislation:F2022C00868:reg:21
Version: federal_register_of_legislation:F2022C00868
Segment Type: reg
Provision Reference: reg 21
Character Range: 58533–59180

21  Requirements for deposits
 (1) A passport fund may make a deposit only with a deposit‑taking institution that is regulated by a financial supervisory authority in its place of incorporation which is, in the written opinion of the home regulator for the fund, generally largely compliant with the guidelines of the Basel Committee on Banking Supervision.
 (2) A passport fund may make a deposit only if:
 (a) the amount deposited can be withdrawn under the terms of the deposit on no more than 31 days' notice; and
 (b) it is not subject to loss of interest or to penalty if the amount is withdrawn more than 12 months after it was deposited.