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CP-2.2.8

If a person establishes, to the satisfaction of the Board, that:

(a) he/she is a trustee for, or otherwise holds, one or more eligible deposits with the relevant bank; and
(b) the beneficial owner of each such eligible deposit is a person separate and distinct from the beneficial owner of any other eligible deposit with the relevant bank,

such person should be treated as a different eligible depositor for each such eligible deposit for the purposes of this Regulation. However, in the event that the beneficial owner of one or more eligible deposits (regardless of in whose name such eligible deposits are held) is the same person, such eligible deposits should, for the purposes of this Regulation, be treated as being held by one eligible depositor.