Section 91
of Securities Markets Regulations, 2015
Section 91
Ill An operator of a collective investment scheme must operate the collective investment scheme in accordance with
{a)
the constitution;
(b} the most recently issued prospectus; and
{c}
the Order and these Regulations.
(2)
An operator of a collective investment scheme must carry out such duties and functions in relation to that collective investment scheme as are necessary to ensure compliance with the Order and these Regulations that impose obligations on the operator.
(3)
An operator of a collective investment scheme must make decisions as to the constituents of the collective investment scheme property that are in accordance with the investment objectives and policy stated in the prospectus.
(4)
An operator of a collective investment scheme must take all steps and execute all documents to ensure that transactions are properly entered into for the account of the collective investment scheme.
(5)
An operator of a collective investment scheme must establish and maintain risk management systems and controls to enable it to identify, assess, mitigate 1 control and monitor risks in relation to the collective investment scheme it operates.
(6)
In relation to a hedge fund, the operator of a collective investment scheme must demonstrate functional separation and independence between
(a)
the functions of collective investment scheme valuation and asset pricing; and
(bJ the investment management process.
(7)
Where the operator of a collective investment scheme is unable to demonstrate adequate separation and independence in accordance with sub-regulation (6), the Authority may require the operator to appoint an independent 240
lZth. JANUARY, 2015
suitably competent and experienced collective investment scheme administrator to perform the functions specified in that sub-regulation.
Duties in relation to collective investment scheme property.