A sub-conservative therefore does not have a direct contractual relationship with the client.  An example of a conservatory would be a occupational pension plan. Many, if not most, companies charge a third party to manage such plans in order to recover payments from employers and workers, to invest the funds and to pay benefits. Delegation will be necessary in the event of a situation. If the custodian is not directly involved in the liquidation and registration of the assets in which the fund invests. This circular defines the obligations of custodians to their sub-depositors. Therefore, the value votes mentioned above must be performed at least once a week. In the case of the UCITS, an intermediary should be used to provide legal advice when the sub-custodian is from a third country. This consultation will focus on insolvency, in order to ensure two issues. On the one hand, the way in which the contract is applied in the event of the sub-depository`s insolvency.
On the other hand, make sure that CIS accounts are not part of the sub-depository in the event of bankruptcy. This is because there should not be between a final client and a sub-conservative. As a general rule, a sub-custodian will hold assets in an omnibus account in the name of the principal custodian (but for his clients), so that he does not know the identity of the end clients, that he has no connection with them and that he should therefore not have any direct liabilities towards them (at least in relation to the relationship of sub-depositor). With respect to U.S. deposit securities (ADRs), a local deposit bank (also known as sub-depository or agent) is a bank located in a country outside the United States, which holds the equivalent number of shares held on the domestic market, represented by an exchange of RELs in the United States, each multiple representing a multiple of the underlying foreign share. This multiple allows ADRs to own a conventional share price for the U.S. market (usually between 20 and 50 $US per share), even if the price of the foreign stock is unconventional when converted directly to U.S. dollars. This bank acts as a deposit bank for the company that places ADRs in U.S. equities.
 There are also minimum requirements for the selection of this sub-depository. The custodian must assess the national risk, the conservation, the separation of assets and even the applicability of the contracts he signs with them. Not all of this information can be obtained by the sub-depositor itself. As far as custody functions are concerned, the custodian is also designated as a custodian.