The fund custodian is the representative of investors' rights and interests and is the nominal holder or management agency of fund assets.

In order to ensure the safety of fund assets, the fund should operate according to the principle of separation of asset management and custody, and the fund assets should be kept by a dedicated fund custodian.

In my country, according to the provisions of the "Interim Measures for the Administration of Securities Investment Funds", the fund custodian must be reviewed and approved by the China Securities Regulatory Commission and the People's Bank of China, and meet the following conditions: ① It should be a commercial bank; ② The paid-in capital should be no less than 8 billion RMB; ③ Have a dedicated fund custody department; ④ Have enough full-time personnel who are familiar with the custody business; ⑤ Have the conditions for safe custody of all fund assets; ③ Have safe and efficient clearing and delivery capabilities.

At this stage, there are only five commercial banks that meet the above conditions: Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Agricultural Bank of China and Bank of Communications.

If the fund custodian needs to be changed during the operation of the fund, the new fund custodian must be reviewed and approved by the China Securities Regulatory Commission and the People's Bank of China.

The original fund custodian may retire only after approval.

If the fund custodian must retire for any reason and the fund cannot find a new fund custodian, the fund shall be terminated and liquidated.