External Fund Manager must:
(a) appoint to the
Fund a Fund Administrator or a Trustee licensed by the DFSA (hereafter referred to as the "Appointed Fund Administrator" or "Appointed Trustee") before any Units in that Fund are Offered to any Person;
(b) nominate, and require, the Appointed Fund Administrator or Appointed Trustee, as the case may be, to be its agent in relation to its dealings with the
DFSA and Unitholders and prospective Unitholders of the Fund; and
(c) require the Appointed Fund Administrator or Appointed Trustee to, and for this purpose grant to that
Person such powers as are necessary to, facilitate:
(i) if it is an Open-ended
Fund, the issue, resale and redemption of the Units of the Fund and the publication of the price at which such issue, resale or redemption will occur as provided under the Law and the Rules;
(ii) the sending to
Unitholders of the Fund all the reports required under the Law and the Rules;
(iii) access to the
Constitution and most recent Prospectus of the Fund to Unitholders and prospective Unitholders;
(iv) access to the
Unitholder register; and
(v) access to the books and records relating to the
Fund as required by the DFSA and any person providing the oversight functions of the Fund,
in or from a place of business in the DIFC.
(2) If the
Fund is structured as an Investment Trust, the Fund Manager may appoint the Trustee as its Appointed Trustee for the purposes of (1).
External Fund Manager must continue to meet the criteria in Article 20(5) of the Law.