(1) For the purposes of Article 27(1)(e) of the Law, the
Fund Manager of a Qualified Investor Fund that is not an Investment Trust must ensure that the legal title to Fund Property is registered with an Eligible Custodian.
(2) The requirement in Article 27(1)(e) of the Law does not apply to the
Fund Manager of a Qualified Investor Fund if it is:
Private Equity Fund;
(c) a Venture Capital Fund; or
Fund in so far as it is investing in an interest in the operation of a Real Property asset (such as investment in an infrastructure project).
(3) If the
Fund Manager of a Qualified Investor Fund referred to in (2) itself holds Fund Property of any kind or if it uses a Fund Platform and the Incorporated Cell Company holds Fund Property of any kind, it must have in place effective arrangements which ensure that the Fund Property is not available to creditors in the event of the insolvency of the Fund Manager or the Incorporated Cell Company (as the case may be).