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CIR 13.3.1

(1) A Fund Manager of a Private Equity Fund is not required to appoint an Eligible Custodian for the Fund pursuant to CIR Rule 8.2.2 where it meets the requirements in (2) and (3).
(2) A Fund Manager of a Private Equity Fund must call a meeting of Unitholders to vote on the election of at least three experts who are independent of the Fund Manager to sit on an investment committee of the Fund.
(3) The committee members in (2) must not involve themselves in the day to day management of the Fund but are appointed to review investment opportunities.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]