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Apr 18 2006 - Jul 31 2006Aug 1 2006 - Jul 11 2010

32. Powers and functions

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Past version: effective from Aug 1 2006 - Jul 11 2010.
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(1) The person providing oversight for a Fund shall be appointed with powers and functions to:
(a) monitor the Operator's compliance with the Fund's Constitution and Prospectus and to report on its findings to the Operator;
(b) monitor the Operator's compliance with any obligation or requirement imposed on the Fund under any legislation administered by the DFSA' including any requirement to establish and maintain proper systems and controls and to report on their findings to the Operator;
(c) report to the Operator:
(i) any breach of this Law or any other legislation administered by the DFSA or of any Rule made under those laws which may relate to the Fund;
(ii) any breach of a term, condition or restriction of its Licence involving the Fund; or
(iii) any breach of the provisions of the Fund's Constitution or Prospectus;
of which such persons become aware or which they suspect;
(d) report to the DFSA if any one of the persons providing oversight is of the view that:
(i) the Operator has not taken, or does not propose to take, appropriate action to deal with a matter reported under Article 32(1)(c); and
(ii) on reasonable grounds that the breach has had, or is likely to have, a materially adverse effect on the interests of the Unitholders;
(e) assess at regular intervals whether the Fund's internal systems and controls are adequate, report to the Operator on the assessment and make recommendations to the Operator about any changes that are considered appropriate or necessary to be made; and
(f) do any other matter or thing as may be prescribed in the Rules and in the case of a Trustee, under the Investment Trust Law 2006.
(2) The DFSA may make Rules in respect of any matter relating to the functions and powers of a person providing oversight of a Fund, including Rules as to:
(a) the power of such persons to commission and rely on independent legal, accounting or other professional advice or assistance;
(b) the payment of costs and expenses of such persons;
(c) the proceedings and conduct of meetings, the keeping of minutes, and the making of reports and recommendations;
(d) the submission of reports by the persons providing oversight of a Fund to the DFSA; and
(e) the disclosure by the persons providing oversight of a Fund of any interests or circumstances which may conflict with the proper performance of their duties.