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  • FUNDS 12.1 FUNDS 12.1 General management duties

    • Application

      • FUNDS 12.1.1 FUNDS 12.1.1

        (1) This Chapter applies to a Fund Manager and, if appointed, the Trustee of a Fund, except as provided in (3) or where otherwise provided in this Chapter.
        (2) This Chapter also applies, where expressly provided, to a Fund Administrator or Eligible Custodian of a Domestic Fund.
        (3) Only this Rule and Rules 12.2, 12.3.1, 12.3.2, 12.3.3, 12.3.4, 12.3.5, 12.3.6, 12.3.7(b), 12.3.8, 12.3.9, 12.3.10, 12.3.12(1), 12.4.1(b), 12.10.1 and the Guidance to Rule 12.12.2 in this Chapter apply to, or in relation to, a Qualified Investor Fund.

        • Guidance

          1. Rule 12.2.1 requires the Fund to manage the Fund in accordance with the Fund's Constitution and its most recent Prospectus and to perform the functions conferred on it by the Constitution, these Rules and the FSMR. In doing so, the Fund Manager is required under this Rule to comply with any conditions or restrictions on its Financial Services Permission as well as any limitations or requirements imposed by or under these Rules and the FSMR.
          2. Fund Managers must establish and maintain systems and controls including but not limited to financial and risk controls to ensure sound management of the Fund in accordance with the Fund's Constitution and its most recent Prospectus, taking due account of the risks to which the Fund may be exposed, due to the nature, scale and complexity of the Fund's investments and operations.
          3. The requirements in this Chapter apply to Foreign Fund Managers in the same manner as they apply to Authorised Fund Managers of Domestic Funds, unless otherwise provided. Foreign Fund Managers and Foreign Funds attract additional requirements, which are set out in Rule 7.
          4. This Chapter sets out more detailed obligations of the Fund Manager and, where appointed, the Trustee of a Fund with regard to:
          a. Fund Manager and Trustee general duties and functions;
          b. Duties relating to Fund Property;
          c. Conflicts of interests;
          d. Valuation of Fund;
          e. Determination of single price;
          f. Issue and redemption of Units;
          g. Unitholder register;
          h. Meetings of Governing Body and Unitholders;
          i. Approvals and notifications;
          j. Maintenance of records;
          k. Capital;
          l. Delegations and outsourcing; and
          m. Charges and expenses.