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Jul 11 2010 onwards

41. Duties of a Person Providing Oversight Functions



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(1) Each person appointed to provide the oversight function to a Fund shall:
(a) act honestly;
(b) exercise the degree of care and diligence that a reasonable person would exercise if he were in that person's position;
(c) act in the best interests of the Unitholders in the Fund and, if there is a conflict between the Unitholders' interests and his own interests, give priority to the Unitholders' interests;
(d) not make improper use of his position, or information acquired in that position, in order to:
(i) gain an improper advantage for himself or another person; or
(ii) cause detriment to Unitholders in the Fund;
(e) disclose to the Fund's auditor any information relevant for the auditor to discharge its obligations;
(f) comply with any other duty or obligation as the DFSA may prescribe under this Law or any other legislation administered by the DFSA, and
(g) carry out or comply with any other duty, not inconsistent with DIFC Law, that is conferred on him by the Fund's Constitution.
(2) A person providing the oversight function for a Fund is to take all reasonable steps to assist the DFSA in exercising its powers under Part 5 of the Regulatory Law 2004.
(3) Without limiting the application of any provision of this Law and any Rules made for the purposes of this Law, a person providing oversight function does not contravene any duty to which that person is subject where that person gives to the DFSA:
(a) a notification as required under this chapter; or
(b) any other information or opinion in relation to any such matter;
if the person is acting in good faith and reasonably believes that the notification, information or opinion is relevant to any functions of the DFSA.