Section 92

In the case of an investment trust -

{a}

the trustee holds the collective investment scheme property in trust for the unit holders and accordingly is responsible to the unit holders for the safekeeping of the collective investment scheme property;

{b}

the legal title of the collective investment scheme property must be registered with the trustee except in the case of a real property collective investment scheme where the trustee has made adequate alternative arrangements that are in accordance with sub-regulation (3); and

{c}

th.e operator may give instructions to the trustee in accordance with the agreement creating the investment trust, the collective investment scheme's constitution, and the prospectus.

In the case of a property collective investment scheme, the operator or, in the case of an investment trust, the trustee, for the purpose of meeting the legal or regulatory requirements in relation to the ownership of real property applicable in the jurisdiction in which the real property is situated, may implement alternative· arrangements for safekeeping where the arrangements -

{a}

in the case of an investment trust, enable the trustee to continue to control the collective investment scheme property; and

{b}

in all cases, do not enable the operator to have unfettered control of the collective investment scheme property;

If the operator, or in the case of an investment trust, the trustee, implements arrangements in accordance with sub-regulation (3), it must satisfy the Authority that the arrangements have the effect specified in that sub-regulation and are also legally effective in Brunei Darussalam or in the jurisdiction where the real property is situated.

Conflict of interest.