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  • Part 4: Trustee Requirements

    • 18. Trustee requirements

      A person meets the requirements to be a Trustee only if that person is:

      (a) person specified in Article 21(1) of the Collective Investment Law 2010; and
      (b) independent of the Fund Manager as provided in Article 19.

    • 19. Independence of the Trustee

      The Trustee is not independent of the Fund Manager for the purposes of Article 18(b) if:

      (a) the Fund Manager or the Trustee holds, or exercises voting rights in respect of, any shares of the other;
      (b) the Fund Manager and the Trustee have a common holding company or a common ultimate holding company;
      (c) the Fund Manager or the Trustee have directors on its Governing Body, who are also directors of the other;
      (d) the Fund Manager or the Trustee has individuals performing Licensed Functions who are also individuals performing Licensed Functions for the other; or
      (e) the Fund Manager and the Trustee have been involved in the previous 2 years in any professional or material business dealings, other than acting as Fund Manager or Trustee respectively of any other Fund.