Section 16Part 3 — Mutual Fund Administration
Licensed mutual fund administrators to be satisfied in respect of mutual funds
←→ Navigate · Click subsection badges to collapse · Press ? for help
A licensed mutual fund administrator shall not provide mutual fund administration to a mutual fund unless it has satisfied itself that —
each promoter of the mutual fund is of sound reputation;
the administration of the mutual fund will be undertaken by persons who have sufficient expertise to administer the mutual fund and are of sound reputation;
in the case of a mutual fund to which section 4(1)(b) applies, the business of the mutual fund and any offer of equity interest in it will be carried out in a proper way,
the mutual fund, if it is not incorporated or establishe d in the Islands, is incorporated or established in a country or territory approved by the Authority for the purposes of this subsection, or is otherwise regulated by the Authority.
Subsection (1) shall be deemed to be a condition of every Mutual Fund Administrators Licence for the purposes of this Act .