Fund Manager or Trustee must ensure that any agreement specified in Rule A1.1.1:
(a) sets out the functions or activities and service standards that will be applied to the carrying out of such functions or activities;
(b) provides that the
Service Provider cannot in turn, delegate any activities delegated to it, or outsource any functions outsourced to it, without prior approval of the Fund Manager or Trustee as applicable;
(c) requires the
Service Provider to:
(i) maintain records to show and explain transactions in relation to each activity or function performed in relation to the
(ii) maintain such records in a manner to enable the
Fund Manager or Trustee to prepare accounts in compliance with these Rules and any other applicable legislation;
(iii) retain the records for at least six years from the date to which they relate;
(iv) keep the records, at all reasonable times, open to inspection by the
DFSA, the Fund's Auditor and any Person providing the oversight function for the Fund; and
(v) ensure that the records are, if requested by the
DFSA, capable of reproduction within a reasonable period not exceeding 3 days, in hard copy and in English.
Fund Manager or Trustee must ensure that a Delegation Agreement contains an undertaking by the Service Provider to:
(a) comply with any
DFSA Rules applicable to the activity; and
(b) disclose to the
DFSA and to the Fund Manager or Trustee, as the case may be, any material information that it would disclose to its Financial Services Regulator, if relevant, in relation to the conduct of the activity.
Fund Manager or Trustee must maintain records of all agreements, and any instructions given to a Service Provider under the terms of an agreement, for at least six years.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]