Guidelines on Unit Trust Funds

Effective: 3 March 2008

Updated: 18 February 2009 and 1 June 2010

  C O N T E N T S
 

Chapter 1

INTRODUCTION

 

Chapter 2

DEFINITIONS

 

Chapter 3

THE MANAGEMENT COMPANY

 

Chapter 4

THE TRUSTEE

 

Chapter 5

DELEGATION AND OUTSOURCING

 

Chapter 6

OVERSIGHT ARRANGEMENT

 

Chapter 7

CONSTITUTION OF THE FUND

 

Chapter 8

INVESTMENTS OF FUNDS

 

Chapter 9

CHARGES, FEES AND EXPENSES

 

Chapter 10

DEALING, VALUATION AND PRICING

 

Chapter 11

OPERATIONAL MATTERS

 

Chapter 12

REPORTING AND AUDIT

 

Chapter 13

APPLICATIONS, NOTIFICATIONS AND REPORTING TO THE SECURITIES COMMISSION

 

SCHEDULE A

INVESTMENT RESTRICTIONS AND LIMITS – CORE REQUIREMENTS

 

SCHEDULE B

VALUATION

 

SCHEDULE C

DEED OF A UNIT TRUST FUND

 

SCHEDULE D

CONTENT OF A FUND’S REPORT

 

SCHEDULE E

SUBMISSION OF APPLICATIONS, NOTIFICATIONS AND DOCUMENTS

 

SCHEDULE F

REPORTING TO SC

Chapter 1

Introduction

1.01

The Guidelines on Unit Trust Funds is issued by the SC pursuant to section 377 of the Capital Markets and Services Act 2007 (CMSA). These guidelines set out requirements to be complied with by any person intending to establish a unit trust fund in Malaysia and issue, offer or invite any person to subscribe or purchase units of the unit trust fund.

1.02

These guidelines replace and supersede the Guidelines on Unit Trust Funds issued on 1 April 2003 and all guidance notes and circulars issued pursuant to those guidelines.

1.03

These guidelines are aimed at providing a regulatory environment that would protect the interests of the investing public and facilitate the orderly development of the unit trust industry in Malaysia. In addition, these guidelines are also drawn up to govern the operation of unit trust funds established in Malaysia.

1.04

These guidelines and the securities laws form the regulatory framework for unit trust funds in Malaysia, and should be read together. All parties to a unit trust fund are expected to be guided by the letter and spirit of the regulatory requirements.

1.05

The SC may take action against persons who fail to comply with and/or observe any of the provisions in these guidelines, as are permitted under section 354 of the CMSA and/or other relevant provisions under the CMSA.

1.06

The SC may exempt where it deems appropriate or, upon application, grant exemptions or variations from compliance with any requirement in these guidelines.

1.07

The SC may, from time to time, issue practice notes to further provide greater clarity and guidance on any of the provisions in these guidelines. The practice notes must be complied with in the same manner as these guidelines.

1.08

These guidelines (including practice notes) may be reviewed as and when necessary.

1.09

Any person engaged in dealing, marketing and distribution activities for unit trust funds (including issuance of advertisements and promotional materials) or online transactions/activities for unit trust funds, should observe and ensure compliance with relevant securities laws and the following guidelines:

(a) Guidelines on Marketing and Distribution of Unit Trust Funds;

(b) Guidelines on Unit Trust Advertisements and Promotional Materials; and

(c) Guidelines on Online Transactions of, and Online Activities in Relation to, Unit Trusts.

1.10

Under section 232(1) of the CMSA, a person shall not issue, offer for subscription or purchase, make an invitation to subscribe for or purchase, any securities unless a prospectus has been registered by the SC and the prospectus complies with the requirements or provisions of the CMSA. In addition, pursuant to section 235(1)(f) of the CMSA, the SC has issued the Prospectus Guidelines for Collective Investment Schemes which sets out the minimum information required by the SC in a fund’s prospectus.

Chapter 2

DEFINITIONS

2.01

In these guidelines, the following words have the following meanings, unless the context otherwise requires:

accounting records includes invoices, receipts, orders for payment of money, bills of exchange, cheques, promissory notes, vouchers and other documents of prime entry and also includes such working papers and other documents as are necessary to explain the methods and calculations by which accounts are made up.
accounts means a profit and loss account (or income and expenditure statement) and balance sheet (or statement of assets and liabilities) and include notes or statements (other than auditor’s report or director’s report) attached or intended to be read with the profit and loss account and balance sheet.
adviser means a Malaysian incorporated- (a) investment bank/merchant bank; (b) universal broker; or (c) such other person who provides advice/ information to the applicant where such advice/information is submitted to the SC in relation to or in connection with any proposal.
auditor has the same meaning as given under the CMSA.
assets of the fund includes the assets of the fund and all amounts due to the fund.
base currency means the currency specified in the deed of the fund as the currency in which the fund is denominated. (Added on 1 June 2010).
cancellation price for units means the price payable by the unit trust fund for the cancellation of a unit in the fund.
classes of units means two or more classes of units representing similar interests in the assets of a fund. (Added on 1 June 2010).
close-ended fund means a fund with limited number of units in issue and has a limited offer period.
CMSA means the Capital Markets and Services Act 2007.
collective investment schemes means, for the purpose of these guidelines, any arrangement where –

(a) it is made for the purpose, or having the effect, of providing facilities for persons to participate in or receive profits or income arising from the acquisition, holding, management or disposal of securities, futures contracts or any other property (“referred to as “scheme’s assets”) or sums paid out of such profits or income;
(b) the persons who participate in the arrangements do not have day-to-day control over the management of the scheme’s assets; and
(c) the scheme’s assets is managed by an entity who is responsible for the management of the scheme’s assets and is approved/ authorised/licensed by a relevant regulator to conduct fund management activities;and includes among others unit trust funds, real estate investment trusts, exchange-traded funds, restricted investment schemes and closed-end funds.

 

cooling-off right means the right of a unit holder to obtain a refund of the unit holder’s investment in the fund, if the unit holder so requests within the cooling-off period.
creation price for units means the price payable to the unit trust fund for the creation of a unit in the fund.
debenture has the same meaning as given under the CMSA.
deed has the same meaning as given under the CMSA.
derivative means an instrument the value of which depends upon the value of underlying indices or assets such as currencies, securities, commodities or other derivative instruments.
eligible issuer means a person who is allowed to issue structured products under the Guidelines on the Offering of Structured Products.
eligible market means a market that-

(a) is regulated by a regulatory authority;
(b) operates regularly;
(c) is open to the public; and (d) has adequate liquidity for the purposes of the fund in question.
financial institution
(a) if the institution is in Malaysia-

(i) licensed bank;
(ii) licensed merchant bank; or
(iii) Islamic bank;
(b) if the institution is outside Malaysia, any institution that is licensed / registered / approved / authorised to provide financial services by the relevant banking regulator. (Added on 18 February 2009)
financial statements includes a profit and loss account (or an income and expenditure statement), a balance sheet (or statement of assets and liabilities), a statement showing either all changes in equity, or changes in equity other than those arising from capital transactions with owners and distribution to owners, a cash flow statement and accounting policies and explanatory notes.
forward price means the price of a unit that is the NAV per unit calculated at the next valuation point after an instruction or a request is received.
fund manager means a person who holds a Capital Markets Services Representative’s Licence to carry on the regulated activity of fund management.
fund management has the same meaning as given under the CMSA.
fund’s property means assets of the fund.
fund reports means the annual and interim reports of the unit trust fund.
group of companies means any company and its related corporations.
historic price means the price of a unit that is the NAV per unit calculated at the valuation point before an instruction or request is received.
independent member in relation to the board of directors of a management company, the investment committee of a unit trust fund, the Shariah adviser and the panel of advisers, refers to a person who is free of any relationship with the management company or the controlling or significant shareholder(s) of the management company that would otherwise interfere with the member’s exercise of independent judgement. In any case, a period of six months must elapse before a person who was previously connected to the management company or controlling/significant shareholder(s) can be deemed to be independent. The following is a non-exhaustive list of persons that would not be considered as “independent member”:

(a) Officer of the management company;
(b) Officer of the trustee of the fund;
(c) Officer of any body corporate or unincorporate that has power to appoint or make recommendations towards the appointment of board of directors of the management company, members of the investment committee, the Shariah adviser and the panel of advisers of the fund;
(d) Person related to an officer of the management company or trustee of the fund;
(e) Person representing or seen to be representing any body corporate or unincorporate with a controlling interest in the management company; or
(f) Person who, within six months prior to his appointment as independent member, has derived any remuneration or benefit (other than retirement benefit) from the management company or any body corporate or unincorporate that has power to appoint or make recommendations towards the appointment of board of directors of the management company, members of the investment committee, the Shariah adviser and the panel of advisers of the fund.
Islamic bank means a bank licensed under the Islamic Banking Act 1983.
liabilities of the fund include all amounts payable by the fund, accrued expenses and taxes, and any appropriate provisions for contingencies.
licensed institution means any institution licensed or deemed to be licensed under the Banking and Financial Institutions Act 1989 and Islamic Banking Act 1983.
licensed bank has the same meaning as given under the Banking and Financial Institutions Act 1989.
licensed merchant bank has the same meaning as given under the Banking and Financial Institutions Act 1989.
management company has the same meaning as given under the CMSA.
management expense ratio means the ratio of the sum of fees and the recovered expenses of the unit trust fund to the average value of the unit trust fund calculated on a daily basis, i.e.Fees of the unit trust fund + Recovered expenses ofthe unit trust fund_______________________________________ x 100Average value of the unit trust fund calculatedon a daily basisWhere:Fees = All ongoing fees deducted/deductible directly from the unit trust fund in respect of the period covered by the management expense ratio, expressed as a fixed amount, calculated on a daily basis. This would include the annual management fee, the annual trustee fee and any other fees deducted/ deductible directly from the unit trust fund;RecoveredExpenses = All expenses recovered from/charged to the unit trust fund, as a result of the expenses incurred by the operation of the unit trust fund, expressed as a fixed amount. This should not include expenses that would otherwise be incurred by an individual investor (e.g. brokerage, taxes and levies); andAverage value ofthe unittrust fund(Amendedon 1 June) = The NAV of the unit trust fund, including unit trust net income value of the fund, less expenses on an accrued basis, in respect of the period covered by the management expense ratio, calculated on a daily basis.
net asset value (NAV) means the value of all the fund’s assets less the value of all the fund’s liabilities at the valuation point.For the purpose of computing the annual management fee and annual trustee fee, the NAV of the fund should be inclusive of the management fee and trustee fee for the relevant day.
NAV per unit means the NAV of the fund divided by the number of units in circulation, at the valuation point. Where multiple classes of units are issued, NAV per unit means the NAV of the fund attributable to a class of units divided by the number of units in circulation for that class of units, at the valuation point. (Amended on 1 June 2010).
officer has the same meaning as given under the CMSA.
ordinary resolution means a resolution passed by a simple majority of votes validly cast at a meeting of unit holders.
partner in relation to a director, chief executive officer or major shareholder of the management company, the management company or trustee or person connected with a director, chief executive officer or major shareholder of the management company, the management company or trustee, means such person who falls within any of the following categories:

(a) A person with whom the director, chief executive officer or major shareholder of the management company, the management company or trustee or person connected with a director, chief executive officer or major shareholder of the management company, the management company or trustee is in or proposes to enter into partnership with. “Partnership” for this purpose is given the meaning under section 3 of the Partnership Act 1963; and
(b) A person with whom the director, chief executive officer or major shareholder of the management company, the management company or trustee or person connected with a director, chief executive officer or major shareholder of the management company, the management company or trustee has entered into or proposes to enter into a joint venture, whether incorporated into or not.
person connected in relation to a director, chief executive officer or major shareholder of the management company, the management company or trustee, means such person who falls under any of the following categories:

(a) A family member of the director, chief executive officer or major shareholder of the management company;
(b) A trustee of a trust (other than a trustee for an employee share scheme or pension scheme) under which the director, chief executive officer or major shareholder of the management company; management company or trustee; or a family member of the director, chief executive officer or major shareholder of the management company, is the sole beneficiary;
(c) A partner of the director, chief executive officer or major shareholder of the management company; management company or trustee; or a partner of a person connected with that director, chief executive officer or major shareholder of the management company; management company or trustee;
(d) A person who is accustomed or under obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the director, chief executive officer or major shareholder of the management company; management company or trustee;
(e) A person in accordance with whose directions, instructions or wishes the director, chief executive officer or major shareholder of the management company; management company or trustee; is accustomed or is under obligation, whether formal or informal, to act;
(f) A body corporate or its directors which/who is/are accustomed or under obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the director, chief executive officer or major shareholder of the management company; management company or trustee;
(g) A body corporate or its directors whose directions, instructions or wishes the director, chief executive officer or major shareholder of the management company; management company or trustee; is accustomed or under obligation, whether formal or informal, to act;
(h) A body corporate in which the director, chief executive officer or major shareholder of the management company; management company or trustee; and/or persons connected to him are entitled to exercise or control the exercise of, not less than 15% of the votes attached to the voting shares in the body corporate; or
(i) A body corporate which is a related corporation.
portfolio turnover ratio (PTR) means the ratio of the average sum of acquisitions and disposals of the unit trust fund for the year to the average value of the unit trust fund for the year calculated on a daily basis, i.e.[Total acquisitions of the fund for the year + Totaldisposals of the fund for the year] / 2________________________________________Average value of the unit trust fund for the yearcalculated on a daily basis
prospectus has the same meaning as given under the CMSA.
qualified investors (Deleted on 18 February 2009).
related corporation has the same meaning as given under the CMSA.
related party means-

(a) the management company of the fund;
(b) the trustee of the fund;
(c) a director, chief executive officer or major shareholder of the management company;or
(d) a person connected with any director, chief executive officer or major shareholder of the management company; or a person connected with the management company or trustee.
repurchase price means the price payable to a unit holder for a unit in the unit trust fund pursuant to a repurchase request.
SC means the Securities Commission Malaysia established under the SCA.
SCA means the Securities Commission Act 1993.
securities has the same meaning as given under the CMSA.
securities laws has the same meaning as given under the SCA.
selling price means the price payable by an investor for a unit in the unit trust fund pursuant to a purchase request.
special resolution means a resolution passed by a majority of not less than ¾ of unit holders voting at a meeting of unit holders.For the purpose of terminating or winding up a fund, a special resolution is passed by a majority in number representing at least ¾ of the value of the units held by unit holders voting at the meeting.
structured products has the same meaning as given under the Guidelines on the Offering of Structured Products.
total return of the fund means the sum of the income generated by the fund which is reflected as distribution and the capital gains/loss of the fund which is reflected in the movement in the price of a unit.
unit has the same meaning as given under the CMSA.
units in circulation means units created and fully paid.
unit split refers to where a unit is split into more than one unit subsequently.
unit trust fund or fund has the same meaning as the expression “unit trust scheme” in the CMSA and includes a sub-fund of an umbrella fund. (Amended on 18 February 2009 and 1 June 2010).
wholesale fund (Deleted on 18 February 2009).
  Calculation of Time Period

2.02

References to “days” in the guidelines will be taken to mean calendar days unless otherwise stated. Furthermore, any time period stated in these guidelines where no specific method for determining the time period is set out, the period shall start on the day after the day of the event.

Chapter 3

THE MANAGEMENT COMPANY

3.01

As prescribed under sections 288(2) and 289(1) of the CMSA, only a management company approved by the SC can act as a management company to a fund.

3.02

A management company is a company that-

(a) establishes a fund;

(b) issues, offers for subscription, makes an invitation to subscribe for or purchase units of the fund; and

(c) operates and administers the fund.

3.03

Where a management company carries on any regulated activity specified in Schedule 2 of the CMSA, the management company should be a holder of a Capital Markets Services Licence to carry on the regulated activity, and should observe and comply with the relevant guidelines issued by the SC for license holders.

Eligibility Requirements

3.04

A management company must-

(a) be an entity incorporated in Malaysia;

(b) have a minimum of 30% Bumiputera equity;

(c) not have more than 49% foreign equity; and

(d) have a minimum shareholders’ funds of RM10 million at all times.

3.05

Clauses 3.04(b) and (c) do not apply to an Islamic fund management company under the Special Scheme.

  Directors

3.06

The board of directors of a management company should comprise at least two independent members, while maintaining a minimum ratio of at least one-third independent members at all times. The independent directors of a management company should, in addition to their duties and responsibilities as directors, represent and safeguard the interests of unit holders.

3.07

A director of a management company should not-

(a) hold office as director of more than one management company at any one time; and

(b) hold office as member of the investment committee of funds operated by another management company.

Key Personnel

Chief Executive Officer

3.08

A management company should appoint a chief executive officer who is a full-time officer.

Designated Person Responsible for the Fund Management Function of the Fund

3.09

A management company should appoint an individual as a designated person responsible for the fund management function of the fund, whether the function is undertaken internally within the management company or externally. Where the function is delegated to an external party, the management company should ensure that the delegate appoints a designated person for the fund.

3.10

For the purpose of clause 3.09, the designated person must be a holder of a Capital Markets Services Representative’s Licence to carry on the regulated activity of fund management. Where the designated person is in a foreign fund management company, the designated person must be licensed/registered/approved/authorised to carry on the activity of fund management by the relevant regulator in his home jurisdiction.

Compliance Officer

3.11

A management company should appoint a compliance officer to ensure compliance with the deed, prospectus disclosures, these guidelines and securities laws.

3.12

A compliance officer should report to the board of directors.

3.13

Where a management company manages a fund expressed to be managed and administered in accordance with Shariah principles, the compliance officer should have a basic knowledge of Shariah laws/principles.

3.14

The duties and functions of a compliance officer include, but are not limited to, the following:

(a) Work closely with the chief executive officer in all compliance issues and liaise with other departments/divisions to discharge the duties and functions effectively;
(b) Prepare and table compliance reviews regularly (i.e. at every board of directors meeting and/or the audit and compliance committee meeting). The compliance review should examine the compliance issues relating to each area of the management company’s operations;
(c) Maintain and review compliance procedures for each area of the management company’s operations;
(d) Examine and/or investigate any irregularity in the management company’s operations. All findings should be properly documented. Where necessary, the compliance officer should notify and/or consult the trustee and/or the SC;
(e) Be responsible for the compliance manual and the code of conduct for employees of the management company, including liaising with the human resource department in briefing new employees on compliance matters, regulatory requirements and management company’s policies and procedures. The compliance officer together with the respective departments should continuously review and update the compliance manual and code of conduct to reflect
(f) new conditions;
(g) Liaise with the human resource department/training unit to provide training, updates, and/or advise the management company on compliance matters, industry and regulatory developments. In this regard, the training may be extended to the members of the board of directors, investment committee and Shariah adviser/panel of advisers (where applicable);
(h) Monitor and resolve conflict of interest situations between funds managed and administered by the management company, and within the management company. Where appropriate, the compliance officer should advise the board of directors (or the audit and compliance committee) of the management company, the investment committee and/or Shariah advisers/panel of advisers of the fund(s) concerned accordingly;
(i) Report to the investment committee, the board of directors (including audit committee, if any) and Shariah adviser (where applicable) on whether dealings in the fund’s property are appropriate to the fund and/or in accordance with Shariah principles (where applicable); and
(j) Be responsible to advise on any matter relating to compliance with the applicable requirements, including on fund management and on dealings by employees and directors of the management company and investment committee members.
Internal Audit

3.15

A management company should maintain an internal audit function to report on the adequacy, effectiveness and efficiency of the management, operations, risk management and internal controls.

3.16

The internal audit must, among others-

(a) follow clearly defined terms of the internal audit framework which sets out the scope, objectives, approach and reporting requirements;
(b) adequately plan, control and record all audit work performed, and record the findings, conclusions and recommendations;
(c) and
(d) highlight matters in the audit report, which should be resolved satisfactorily in a timely manner.
Roles and Responsibilities of Management Company

3.17

In addition to the duties stipulated under the CMSA, a management company should observe, act and carry out its duties in accordance with the prescribed roles and responsibilities set out in this chapter.

General

3.18

A management company should operate the fund and exercise its responsibilities according to the deed and prospectus, these guidelines, securities laws and acceptable and efficacious business practices within the unit trust industry.

3.19

A management company should-

(a) exercise the degree of care and diligence that a reasonable person would exercise in the position of a management company;
(b) act in the best interests of unit holders and, if there is a conflict between unit holders’ interests and its own interests, give priority to unit holders’ interests;
(c) observe high standards of integrity and fair dealing in managing the fund to the best and exclusive interest of unit holders; (Added on 18 February 2009)
(d) not improperly make use of information acquired through being the management company to-
  (i) gain an advantage for itself or other person; or
  (ii) cause detriment to unit holders in the fund;
(e) ensure that the fund’s property is-
  (i) clearly identified as the fund’s property; and
  (ii) held separately from the property of the management company and any other fund managed by the management company; and
(f) comply with any other duty, not inconsistent with the CMSA and these guidelines, that is conferred on the management company by the deed.

3.20

A management company should, among others-

(a) establish and maintain risk management systems and controls to enable it to identify, assess, mitigate, control and monitor risks in relation to the fund it operates and manages;
(b) have adequate human resources with the necessary qualification, expertise and experience to carry on business as a management company; and
(c) have adequate and appropriate systems, procedures and processes to undertake the business in a proper and efficient manner.

3.21

A management company should account to the trustee for any loss suffered by the fund as a result of the management company’s failure to exercise the degree of care and diligence required in operating and managing the fund.

3.22

A management company should ensure that its officers and delegates-

(a) do not make improper use of information acquired through being such an officer or delegate of the management company to-
  (i) gain an advantage for himself or another person; or
  (ii) cause detriment to unit holders in the fund;
(b) do not make improper use of their position as such officers or delegates to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to unit holders in the fund; and
(c) comply with any other duty or obligation as may be prescribed under the securities laws, trust laws or these guidelines.
Valuation and Pricing

3.23

A management company should take all reasonable steps and exercise due diligence to ensure that the fund and the fund’s units are correctly valued and priced, in line with the provisions of Chapter 10 and Schedule B of these guidelines, the deed and the prospectus.

3.24

For the purpose of valuing the fund’s property and pricing the fund’s units, a management company should not do or omit anything that would confer on itself a benefit or advantage at the expense of unit holders or potential unit holders.

Transactions

3.25

A management company should conduct all transactions for a fund at arm’s length.

3.26

A management company should not act or conduct transactions in any manner that would result in unnecessary cost or risk to the fund.

3.27

Unless otherwise approved by the SC, a management company should not conduct transactions, directly or indirectly, with any party which has its own system of inviting investments in the fund.

Maintenance of Records

3.28

A management company should maintain proper accounting records and other records as are necessary-

(a) to enable a complete and accurate view of the fund to be formed; and

(b) to comply with the deed, these guidelines, securities laws and any other relevant law.

3.29

A management company should ensure that the financial statements of the fund give a true and fair view of the fund’s financial position as at the end of the fund’s financial period.

3.30

A management company should prepare and present, or cause to be prepared and presented, its financial statements in accordance with approved accounting standards, the deed, these guidelines and securities laws.

Provision of Information

3.31

A management company must submit or make available any information relating to the fund, its business and any other information as may be required by the SC and the trustee from time to time.

Holding of Units by Management Company

3.32

A management company or its nominees should not hold any unit in the fund, other than when complying with repurchase requests and/or in creating new units to meet anticipated requests for units by investors (“manager’s box”), subject to a maximum of-

(a) three million units; or

(b) 10% of the units in circulation, whichever is the lower.

Guidance

Units created to meet confirmed requests for units and held by the management company pending allocation to potential investor (including units created to meet requests by investors under the Skim Pelaburan Ahli Kumpulan Wang Simpanan Pekerja) are not subjected to the limits above.

Chapter 4

THE TRUSTEE

Appointment of Trustee

4.01

As prescribed under sections 288(1)(a) and 289(1) of the CMSA, a trustee must be appointed for a fund and the appointment must be approved by the SC.

Eligibility Requirements

4.02

A trustee must-

(a) be a trust company registered under the Trust Companies Act 1949 or incorporated pursuant to the Public Trust Corporation Act 1995;

(b) be registered with the SC; and

(c) have a minimum issued and paid-up capital of not less than RM500,000.

Roles and Responsibilities of Trustee

4.03

In addition to duties stipulated under the CMSA, a trustee should observe, act and carry out its duties in accordance with the prescribed roles and responsibilities set out in this chapter.

General

4.03

A trustee should-

(a) act honestly and in accordance with the deed and prospectus, these guidelines, trust laws and securities laws;
(b) exercise the degree of care and diligence that a reasonable person would exercise in the position of a trustee;
(c) act in the best interests of unit holders and, if there is a conflict between unit holders’ interests and its own interests, give priority to unit holders’ interests;
(d) not improperly make use of information acquired through being the trustee to-
  (i) gain an advantage for itself or other person; or
  (ii) cause detriment to unit holders in the fund; and
(e) comply with any other duty, not inconsistent with the CMSA and these guidelines, that is conferred on the trustee by the deed.

4.05

A trustee should, among others-

(a) have adequate human resources with the necessary qualification, expertise and experience to carry on business as a trust