(1) A Fund Administrator of:
(a) a Domestic Fund; and
(b) a Foreign Fund managed by an Authorised Fund Manager,
for which it is carrying out the Regulated Activity of Acting as the Administrator of a Collective Investment Fund must have a Delegation Agreement that meets the requirements in APP 1 with the Fund Manager or Trustee of the Fund.
(2) Paragraph (1) does not apply to a Fund Administrator of a Qualified Investor Fund.