Custody Agreement. A carrier may not register securities in the name of a nominee or deposit securities with a custodian unless the carrier provides for the custody of the securities by entering into a written agreement with the custodian that: Is filed with the Commissioner pursuant to §B of this regulation; and Complies with Regulation .03 of this chapter. The agreement shall be: In writing; and Authorized by a resolution of the board of directors of the carrier or of an authorized committee of the board. The securities may be held: By the custodian or its agent; or In a clearing corporation. Filing Agreement with the Commissioner. A carrier that enters into a written agreement with a custodian shall file the agreement with the Commissioner within 30 days after the execution of the agreement. If the Commissioner determines that a written agreement filed after execution does not comply with the requirements in Regulation .03 of this chapter, the carrier shall cure the noncompliance within: 60 days after notification by the Commissioner; or An extended cure period authorized by the Commissioner. If the written agreement is not cured within the time allowed by the Commissioner, the Commissioner may: Take any action authorized by Insurance Article, §4-113, Annotated Code of Maryland; or Require the carrier to report the securities held by the custodian in accordance with the terms of the noncompliant custody agreement as “Assets—Not Admitted”.