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26. Duties of the Operator and its officers, employees and agents

(1) In exercising its powers and carrying out its duties, the Operator of a Domestic Fund shall:
(a) act honestly;
(b) exercise the degree of care and diligence that a reasonable person would exercise if he were in the Operator's position;
(c) act in the best interests of the Unitholders and, if there is a conflict between the Unitholders' interests and its own interests, give priority to the Unitholders' interests;
(d) treat the Unitholders who hold interests of the same class equally and Unitholders who hold interests of different classes fairly;
(e) not improperly make use of information acquired through being the Operator in order to:
(i) gain an advantage for itself or another person; or
(ii) cause detriment to the Unitholders in the Fund;
(f) ensure that Fund property is:
(i) clearly identified as Fund property; and
(ii) held separately from the property of the Operator and the property of any other Fund;
(g) report to the DFSA any breach of this Law or relevant provisions of any other legislation administered by the DFSA, or of any Rules made under those laws , that:
(i) relates to the Fund; and
(ii) has had, or is likely to have, a materially adverse effect on the interests of Unitholders;
as soon as practicable after it becomes aware of the breach;
(h) comply with any other duty or obligation as may be prescribed by or under this Law or any other legislation administered by the DFSA; and
(i) carry out or comply with any other duty, not inconsistent with DIFC Law, that is conferred on the Operator by the Fund's Constitution.
(2) An officer, employee or agent of the Operator shall:
(a) not make improper use of information acquired through being such an officer, employee or agent of the Operator in order to:
(i) gain an advantage for himself or another person; or
(ii) cause detriment to Unitholders in the Fund;
(b) not make improper use of his position as such an officer, employee or agent to gain, directly or indirectly, an advantage for himself or for any other person or to cause detriment to the Unitholders in the Fund;
(c) comply with any other duty or obligation as may be prescribed by or under this Law or any other legislation administered by the DFSA; and
(d) carry out or comply with any other duty, not inconsistent with DIFC Law, that is conferred on him by the Fund's Constitution.