• FUNDS 12.12.2 FUNDS 12.12.2

    (1) Subject to the requirements in Rule 12.12.5, a Fund Manager may delegate one or both of the Regulated Activities of Acting as the Administrator of a Collective Investment Fund and Managing Assets to a Service Provider.
    (2) For the purposes of (1), and in relation to Acting as the Administrator of a Collective Investment Fund for a Public Fund, the Service Provider must be:
    (a) a Person authorised by the Regulator to carry on the Regulated Activity of Acting as the Administrator of a Collective Investment Fund; or
    (b) a Person who is lawfully entitled in a Zone 1 jurisdiction or Recognised Jurisdiction to carry on in that jurisdiction the activities of:
    (i) asset pricing and Fund valuation;
    (ii) issuing and redemption of Units; and
    (iii) record keeping and maintaining the Unitholders register.
    (3) For the purposes of (1), and in relation to Managing Assets, the Service Provider must be:
    (a) a Person authorised by the Regulator to carry on the Regulated Activity of Managing Assets; or
    (b) a Person who is authorised by, or registered with, a Financial Services Regulator in a Zone 1 jurisdiction or Recognised Jurisdiction to carry on an equivalent activity in that jurisdiction.

    • Guidance

      As Rule 12.12.2(2) only applies in relation to a Public Fund, a Fund Manager of an Exempt Fund or Qualified Investor Fund may make other appropriate arrangements in respect of the carrying out of the Regulated Activity of Acting as the Administrator of a Collective Investment Fund.