31. Permitted oversight arrangements

(1) The DFSA shall make Rules:
(a) setting out permitted oversight arrangements; and
(b) prescribing the criteria to be met by a person before being permitted to be appointed to carry out oversight functions.
(2) Any suitably qualified person appointed to oversee the operation of the Fund must be:
(a) in the case of a Trustee, independent in accordance with Article 19 of the Investment Trust Law 2006; and
(b) in any other case, independent in accordance with Article 34.
(3) The DFSA may, in its absolute discretion, at any time object to the appointment of a person to provide oversight of a Fund and require the Operator to appoint a replacement.
(4) The DFSA shall notify the Operator of such objection in writing and, where requested by the Operator, the reasons for such objection.