39. Requirements Relating to Oversight Arrangements

(1) A Fund Manager of a Domestic Fund which is, or is to be, a Public Fund shall:
(a) establish and maintain one of the permitted oversight arrangements prescribed in the Rules; and
(b) ensure that a person appointed to carry out the oversight function for the Fund meets:
(i) the independence criteria set out in Article 42 of this Law; and
(ii) any additional suitability criteria prescribed in Rules made for the purposes of this Article.
(2) The DFSA may at any time object to a particular oversight arrangement or an individual appointed to carry out the oversight function for a Fund and require the Fund Manager to appoint a replacement if it appears to the DFSA that the requirements in Article 39(1) are not being met.
(3) The procedures in Schedule 3 to the Regulatory Law 2004 apply to a decision of the DFSA under this Article.
(4) If the DFSA decides to exercise its power under this Article, the Fund Manager may refer the matter to the FMT for review.