48. Duties of fund managers, fund administrators, trustees or custodians and directors under applicable law

Terms defined in s 2

• custodian

  custodian

  Defined · s 2

  “custodian” means the person who is entrusted by a mutual fund with custody of the property of the fund pursuant to an agreement to that effect;

  Open s 2
• fund

  fund

  Defined · s 2

  “mutual fund” or “fund” means a Labuan company, a corporation incorporated under the laws of any recognized country or jurisdiction, a partnership, a protected cell company, a foundation, or a unit trust which— (a) collects and pools funds for the purpose of collective investment with the aim of spreading investment risk; and (b) issues interests in a mutual fund which entitles the holder to redeem his investments that is agreed upon by the parties and receive an amount computed by reference to the value of a proportionate interest in the whole or part of the net assets of the aforesaid types of entities, as the case may be, and includes an umbrella fund whose interests in a mutual fund or units are split into a number of different class funds or sub-funds and whose participants are entitled to exchange rights in one part for rights in another;

  Open s 2
• fund administrator

  fund administrator

  Defined · s 2

  “fund administrator” means a person who, for valuable consideration, provides a mutual fund with administrative services or facilities alone or with accounting services;

  Open s 2
• fund manager

  fund manager

  Defined · s 2

  “fund manager” means a person who, for valuable consideration, provides management services alone or with investment advice or administrative services in respect of securities for the purposes of investment, including dealing in securities or such other activity as may be specified by the Authority;

  Open s 2