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CIR 13.2.2

A Fund Manager of a Feeder Fund must also ensure that the Feeder Fund invests in a Master Fund only if:

(a) the Fund Manager of the Master Fund is regulated by a Financial Services Regulator;
(b) the Master Fund is itself registered or authorised by a Financial Services Regulator and is itself subject to independent oversight;
(c) the investment objectives of the Master Fund have been disclosed in detail in the Prospectus of the Feeder Fund;
(d) it has made available to prospective Unitholders in the Feeder Fund copies of the Prospectus and the last audited annual reports and accounts of the Master Fund; and
(e) the Fund Manager of the Master Fund has waived any initial charges which it is otherwise entitled to make in relation to the acquisition of Units in its Fund.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]