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Jul 11 2010 onwards

40. Powers and Functions of the Persons Undertaking the Oversight Function

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(1) The Fund Manager shall ensure that each person undertaking the oversight function for the Fund is appointed with the necessary powers and resources to discharge its duties and functions and is required to:
(a) monitor whether the Fund Manager is:
(i) managing the Fund in accordance with the Constitution and the most recent Prospectus of the Fund and any investments and borrowing limitations or other restrictions imposed on the Fund under this Law or any Rules made for the purposes of this Law; and
(ii) complying with any terms and conditions on the Fund Manager's Licence, particularly with respect to the management of the Fund; and
(b) assess whether the Fund Manager's systems and controls, particularly those relating to risk management and compliance, operate as intended and remain adequate;
(c) report to the Fund Manager on its findings, including any actual or potential breaches or inadequacies in relation to the matters specified in Article 40(1)(a) and (b), as soon as such breaches or inadequacies are identified or suspected; and
(d) report to the DFSA if:
(i) the Fund Manager has failed, or appears likely to fail, to take appropriate action to rectify or remedy a matter reported to it within 30 days of that matter being so reported; and
(ii) that person believes that the matter has had, or is likely to have, a materially adverse impact on the interests of the Unitholders of the Fund.
(2) The DFSA may, by Rules, prescribe any additional matters or requirements relating to the oversight function or persons providing the oversight function for a Public Fund, including any period shorter than the period referred to in Article 40(1)(d) for reporting certain matters to the DFSA.