No. However, a fund management company must provide a written notification to the SC, at least one month before the delegation arrangement takes place. Such notification would include the following details:
- Name and other corporate information of the external fund management company;
- Assets under management that is delegated;
- Mechanism in place to monitor conduct and activities of the company where the function is being delegated to; and
- Confirmation that the client is aware of and agreeable to the delegation arrangement. However, this is not applicable to unit trusts and wholesale funds since the requirement is stipulated in the offering documents.
- Confirmation that the client is aware of and agreeable to the delegation arrangement. However, this is not applicable to unit trusts and wholesale funds since the requirement is stipulated in the offering documents.
Subsequent material changes to the delegation arrangement that will have an impact to the clients’ interests e.g. termination of delegation arrangement, has to be notified to the SC as soon as practicable.