A licensee providing custodial or depository services must hold net tangible assets of at least ten million dollars, with at least half in cash or cash equivalents and the balance in liquid assets, meet the twelve-month tailored cash needs requirement and the tailored audit requirement, and give the responsible entities, IDPS operators and CCIV corporate directors relying on it the written assurance or the audit report that lets them take the custodian reduction. An incidental provider (one for which custody is incidental to other financial services, as the definition sets out, including where a third-party custodian holds the assets) may instead hold the lower NTA of the greater of one hundred fifty thousand dollars or ten per cent of average revenue, subject to the conditions in the appendix, and a trustee company providing traditional services may apply for relief from the five million dollar NTA otherwise applying to it.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.