(1) For the purposes of Rule 13.3.2, a Person undertaking the oversight function meets the relevant criteria if that Person:
(a) is suitably qualified;
(b) is fit and proper; and
(c) meets the independence criteria in Rule 13.3.7 below.
(2) A Fund Manager must, in the case of each individual to be appointed as a member of an Oversight Committee referred to in Rule 13.3.2(a), undertake appropriate due diligence to ascertain whether the individual meets the suitability criteria in (1).
(3) A Fund Manager must, where an Eligible Custodian or Trustee is to be appointed as the oversight provider of the Fund, undertake appropriate due diligence to ascertain whether the individual meets the suitability criteria in (1) in respect of those individuals within the organisation of the Eligible Custodian or Trustee who will be undertaking the primary responsibility for performing the oversight function for the Fund.
(4) A Fund Manager must ensure that there is a written agreement:
(a) by which an individual is appointed to an Oversight Committee or the Trustee or Eligible Custodian is appointed to the oversight function of the Fund, as is relevant; and
(b) which contains express provisions that the appointee agrees to discharge the oversight function in accordance with the requirements in these Rules.
(5) If requested by the Regulator, a Fund Manager must provide to the Regulator any information relating to the appointment or intended appointment of a Person to provide the oversight function for the Fund.