FUNDS 13.3.1

(1) A Fund Manager of a Domestic Fund which is, or is to be, a Public Fund shall:
(a) establish and maintain one of the permitted oversight arrangements prescribed in these Rules; and
(b) ensure that a person appointed to carry out the oversight function for the Fund meets:
(i) the independence criteria set out below; and
(ii) any additional suitability criteria prescribed in Rules made for the purposes of this Rule.
(2) The Regulator may at any time object to a particular oversight arrangement or an individual appointed to carry out the oversight function for a Fund and require the Fund Manager to appoint a replacement if it appears to the Regulator that the requirements in (1) are not being met.