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Association of Global Custodians

In July 2001 Rule 17f-7 entered into effect in the United States and was adopted by the SEC (Securities Exchange Commission), whereby it requires that Global Custodians provide fund managers with an assessment of the risks associated to the ownership of securities in each one of the foreign depositories. As a result of this new ruling, the Association of Global Custodians (AGC), which includes nine of the main Global Custodians in the United States that offer cross-border custody services, prepared a questionnaire on each one of the points referred to in the aforementioned rule.

The following document contains the responses provided by IBERCLEAR in said questionnaire

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