Under the proposals, the CSRC would have the right to conduct on-site investigation of fund managers and custodian banks.

根据这些提议，中国证监会将有权对基金管理公司和托管银行进行现场调查。

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Mr Madoff acted as custodian of assets that were placed with him and had no external administrator because he ran a brokerage, rather than a formal hedge fund, several investors say.

一些投资者表示，马多夫在担任受托资产保管人的情况下并没有任命外部管理人，因为他所经营的是一家经纪商，而非一只正式的对冲基金。

youdao

The fund manager and the fund custodian shall not include the assets of the fund in their own assets.

基金管理人、基金托管人不得将基金财产归入其固有财产。

youdao

For example, a fund may have a securities lending agreement with its custodian which permits the custodian to loan fund securities in exchange for a reduction in custody fees.

FORBES: New SEC Action: More Brokerage Disclosure to Confuse Mutual Fund Investors (April 1, 1996)

They are not assets of the fund manager, nor of the custodian.

FORBES: In A World Of Madoffs, Remember What Reagan Told Gorbachev About Trust

The amendments require that mutual fund financial data reflect amounts the fund would have paid to its service providers, such as its custodian, transfer agent, law firm or printing firm, if a broker had not paid those providers on behalf of the fund.

FORBES: New SEC Action: More Brokerage Disclosure to Confuse Mutual Fund Investors (April 1, 1996)