GEN 2.10.2 Guidance
1. A Person does not become a Fund Manager of a Fund merely by being appointed by a Fund Manager of a Fund to provide the Financial Service of Managing Assets to the Fund . This is because the Fund Manager remains legally accountable to the Unitholders of the Fund for the proper management of the Fund in accordance with its Constitution and Prospectus .
2. If an Authorised Firm has a discretionary portfolio mandate from a Client to manage assets on behalf of the Client , the firm controls those Client Assets as it can execute transactions relating to those assets, within the parameters set in the mandate (see also COB Rule 6.11.4(d)).
[Added] DFSA RM72/2010 (Made 11th July 2010) [VER26/07-10]
[Amended] DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]
[Amended] DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]