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CIR 8.12.3

(1) Subject to CIR Rules 8.12.4, a Trustee may, with the prior written consent of the Fund Manager, delegate one or both of the Financial Service activities of Providing Fund Administration and Providing Custody to a Service Provider.
(2) For the purposes of (1), and in relation to Providing Fund Administration for a Public Fund, the Service Provider must be:
(a) a Person authorised by the DFSA to carry on the activity of Providing Fund Administration; or
(b) a Person who is lawfully entitled in a Zone 1 jurisdiction or Recognised Jurisdiction to carry on in that jurisdiction the activities of:
(i) asset pricing and Fund valuation;
(ii) issuing and redemption of Units; and
(iii) record keeping and maintaining the Unitholders register.
(3) For the purposes of (1), and in relation to Providing Custody, the Service Provider must be an Eligible Custodian.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]