CIR 8.2.2
(1) In the case of an Investment Company or an Investment Partnership , the Fund Manager is responsible to the Unitholders for the safekeeping of the Fund Property .
(2) Without removing the generality of the obligation under (1) and subject to (3), a Fund Manager must, in the case of a Fund which is an Investment Company or Investment Partnership :
(a) delegate the activity of Providing Custody in relation to the Fund Property to a Service Provider who is an Eligible Custodian ; and
(b) comply with the delegation procedures set out in CIR section 8.12 in relation to such a delegation.
(3) The requirement in (2) does not apply to:
(a) a Property Fund in respect of Real Property :
(i) that is held by the Fund Manager or by an Incorporated Cell Company in accordance with CIR Rule 13.4.2 or CIR 13.4.2A; or
(ii) for which the Fund Manager has made adequate alternative arrangements in accordance with CIR Rule 13.4.2B;
(b) a Private Equity Fund where the Fund Manager has made adequate alternative arrangements that are in accordance with CIR Rule 13.3.1; or
(c) an Exempt Fund where the Fund Property :
(i) comprises of an interest in the operation of a Real Property asset (such as an investment in an infrastructure project); and
(ii) the Fund Manager makes alternative arrangements to ensure that the Fund Property is clearly distinguishable as belonging to the Fund , and is segregated from the assets of the Fund Manager and from the assets of any other Fund which the Fund Manager manages.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
[Amended] RM158/2015 (Made 9th December 2015). [VER19/02-16]
[Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]
[Amended] DFSA RMI248/2019 (Made 18th December 2019) [VER26/12-19].
[Amended] RM158/2015 (Made 9th December 2015). [VER19/02-16]
[Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]
[Amended] DFSA RMI248/2019 (Made 18th December 2019) [VER26/12-19].