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Jul 11 2010 onwards

42. Independence



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(1) A person providing the oversight function meets the independence criteria specified in Article 39(1)(b)(i) if, subject to Article 42(3), he:
(a) is not, and has not been in the previous 2 years, an employee or an executive director or officer of the Fund Manager or a body corporate in the same group (a "related body corporate");
(b) is not, and has not been in the previous 2 years, involved in material business dealings, or in a professional capacity, with the Fund Manager or a related body corporate;
(c) is not a member of a partnership or a trustee of a trust that is, or has been in the previous 2 years, substantially involved in business dealings, or in a professional capacity, with the Fund Manager or a related body corporate;
(d) does not have a material interest in the Fund Manager or a related body corporate;
(e) is not a relative or de facto spouse of a person who has a material interest in the Fund Manager or a related body corporate of a kind described in Article 42(1)(a) and to (d); and
(f) if he is a person acting for the Trustee of the Fund where the latter is appointed for providing the oversight function, meets the independence criteria set out in Article 19 of the Investment Trust Law 2006.
(2) A person does not cease to be independent for the purposes of this Article merely by virtue of being appointed as a person providing the oversight function for a Fund.
(3) The DFSA may, by Rules, prescribe when a legal entity appointed as the person providing the oversight function to a Fund may or may not meet the independence criteria for the purposes of this Article.