Malaysia legislation
Section 47
Section 47
The fund manager or the fund administrator of a public fund and its officers shall, in exercising their powers and duties—
(a)
act honestly;
(b)
exercise the degree of care and diligence that would be reasonably expected of a person in that position;
(c)
act in the best interests of the investors in the public fund and, where there is a conflict between the interest of the investors and their own interests, give priority to the investors’ interests;
(d)
treat the investors who hold interests of the same class equally and participants who hold interests of different classes fairly;
(e)
not make use of information acquired through being a fund manager or fund administrator or its officer to—
(i)
gain an improper advantage for themselves or another person; or
(ii)
cause detriment to the investors in the public fund;
(f)
ensure that all payments out of the property of the public fund are made in accordance with the constituent documents of the public fund, this Act and any regulations;
Labuan Financial Services and Securities 65
(g)
report to the Authority, as soon as practicable after it becomes aware of any breach of—
(i)
this Act and any regulations; or
(ii)
the public fund’s constituent documents that has had, or is likely to have, a materially adverse effect on the interests of the investors; and
(h)
take reasonable care to make and retain adequate records of all matters, transactions and dealings, including accounting records.
Duties of fund managers, fund administrators, trustees or custodians and directors under applicable law