• FUNDS 12.2 FUNDS 12.2 Fund Manager and Trustee general duties and functions

    • FUNDS 12.2.1

      (1) A Fund Manager shall:
      (a) manage the Fund including the Fund Property in accordance with the Fund's Constitution and its most recent Prospectus;
      (b) perform the functions conferred on it by the Fund's Constitution and by or under these Rules;
      (c) comply with any conditions or restrictions imposed by the Regulator including those on its Financial Services Permission or in respect of the Fund; and
      (d) comply with any requirements or limitations imposed under these Rules including any limits relating to financial interests it or any of its associates may hold in a Fund, for which it acts as the appointed Fund Manager.

    • FUNDS 12.2.2

      (1) In exercising its powers and carrying out its duties, a Fund Manager shall:
      (a) act honestly;
      (b) exercise the degree of care and diligence that a reasonable person would exercise if he were in the Fund Manager's position;
      (c) act in the best interests of the Unitholders and, if there is a conflict between the Unitholders' interests and its own interests, give priority to the Unitholders' interests;
      (d) treat the Unitholders who hold interests of the same class equally and Unitholders who hold interests of different classes fairly;
      (e) not improperly make use of information acquired through being the Fund Manager in order to:
      (i) gain an advantage for itself or another person; or
      (ii) cause detriment to the Unitholders in the Fund;
      (f) ensure that Fund Property is:
      (i) clearly identified as Fund Property; and
      (ii) held separately from the property of the Fund Manager and the property of any other Fund it manages;
      (g) report to the Regulator any breach of these Rules or relevant provisions of any other law administered by the Regulator, or of any Rules made under those laws, that:
      (i) relates to the Fund; and
      (ii) has had, or is likely to have, a materially adverse effect on the interests of Unitholders;
      as soon as practicable after it becomes aware of the breach;
      (h) in the case of a Foreign Fund Manager, report to the Regulator any breach of any other laws or requirements that apply to that Fund Manager in its home jurisdiction, that:
      (i) relates to the Fund; and
      (ii) has had, or is likely to have, a materially adverse effect on the interests of Unitholders;
      as soon as practicable after it becomes aware of the breach;
      (i) comply with any other duty or obligation as may be prescribed by or under these Rules or any other legislation administered by the Regulator; and
      (j) carry out or comply with any other duty, not inconsistent with any enactment or rule of law in the Abu Dhabi Global Market, that is conferred on the Fund Manager by the Fund's Constitution.
      (2) Every officer, employee or agent of the Fund Manager shall:
      (a) not make improper use of information acquired through being such an officer, employee or agent of the Fund Manager in order to:
      (i) gain an advantage for himself or another person; or
      (ii) cause detriment to Unitholders in the Fund;
      (b) not make improper use of his position as such an officer, employee or agent to gain, directly or indirectly, an advantage for himself or for any other person or to cause detriment to the Unitholders in the Fund;
      (c) comply with any other duty or obligation as may be prescribed by or under these Rules or any other legislation administered by the Regulator; and
      (d) carry out or comply with any other duty, not inconsistent with any enactment or rule of law in the Abu Dhabi Global Market, that is conferred on him by the Fund's Constitution.
      (3) A Fund Manager shall take reasonable steps to ensure that its officers, employees and agents comply with their obligations referred to above.

    • FUNDS 12.2.3

      Subject to compliance with any duties conferred on the Trustee by the Trust Deed which are not inconsistent with these Rules and the FSMR, Rules 12.2.2(1)(a), (b), (c) and (e) and 12.2.2(2)(a) through (c) shall apply equally to Trustees as to Fund Managers.

    • FUNDS 12.2.4

      Where the Fund Manager is required to obtain the prior consent or approval of the Trustee before it is able to carry out any of its functions outlined herein or under the FSMR, the Trustee shall provide such consent or approval to the Fund Manager without any unnecessary delay. If the Trustee decides to withhold such consent or approval, it shall also notify the Fund Manager of that decision and the reasons without any unnecessary delay.