(1) A Fund Manager or the Trustee of a Public Fund, which has delegated any Regulated Activities or outsourced any functions, must conduct a review of the carrying out of the relevant activities or functions by the Service Provider and present the findings of the review to either:
(a) the Fund's Governing Body every 6 months at the Fund's board meeting; or
(b) in the case of a Fund structured as an Investment Trust, to the Trustee.
(2) Notwithstanding the requirement in (1), if a Fund Manager or the Trustee discovers non-compliance in regard to a term of the Delegation Agreement or Outsourcing Agreement, the Fund Manager or the Trustee, as the case may be, must take immediate action to remedy the matter and also notify the Regulator and, as applicable, its Governing Body or the Trustee forthwith.
(3) For the purposes of (2), the Fund Manager or the Trustee must notify the Regulator only where the non-compliance is material.