6.1 Opening of Sub-Accounts

A Depository Agent shall carry out the following obligations and obtain an external auditors' certification that it has complied with such obligations:

6.1.1 open and maintain one or more Sub-Accounts for all Deposited Securities held for its own account.
6.1.2 open and maintain a separate Sub-Account for each of its clients for all Deposited Securities held on account of such clients.
6.1.3 at all times segregate the Deposited Securities held in each Sub-Account from those held in other Sub-Accounts.
6.1.4 at all times segregate Deposited Securities held for its own account from Deposited Securities held for the account of each of its clients.

For the purpose of Rules 6.1.2 and 6.1.4, the Depository Agent's clients shall include clients of the Depository Agent's clients who are the beneficial owners of the Deposited Securities.