FUNDS 12.3.7

(1) A Fund Manager to whom this Chapter applies must:
(a) ensure that there is appointed to the Fund a Fund Administrator or a Trustee licensed by the Regulator or such other administrator or trustee as is otherwise acceptable to the Regulator (hereafter referred to as the "Appointed Fund Administrator" or "Appointed Trustee"); and
(b) subject to Rules 12.3.2 and 12.3.3 ensure that there is appointed to the Fund an Eligible Custodian,
before commencing the management of that Fund.