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.