FUNDS 13.3.2 FUNDS 13.3.2
The following oversight arrangements are hereby prescribed by the Regulator for the purposes of Rule 13.3.1(a) above:(a) an Oversight Committee comprising at least three individuals each of whom meets the suitability criteria prescribed in Rule 13.3.3; or(b) the Eligible Custodian or Trustee of the Fund, where the individuals undertaking the primary responsibility for the oversight function meet the suitability criteria prescribed in Rule 13.3.3.
Guidance1. Rule 13.3.1 requires the Fund Manager of a Domestic Fund which is a Public Fund to establish and maintain one of the permitted oversight arrangements prescribed by the Regulator. Accordingly, such a Fund Manager must appoint one of the oversight arrangements specified in Rule 13.3.2 to every Public Fund which it manages.2. The membership of the Oversight Committee may comprise individuals including but not limited to non-executive members of the board of directors of the Fund, or the non-executive members of the General Partner of an Investment Partnership, or external experts, provided such individuals can meet the suitability criteria prescribed in Rule 13.3.3. The criteria include a test of independence.