المادة 8: Fund Management and Duties of the Fund Manager

Article 8: Fund Management and Duties of the Fund Manager

a. The fund manager must act for the benefit of unitholders in accordance with these Instructions, the Capital Market Institutions Regulations and the Fund’s Terms and Conditions. The fund manager shall be responsible toward unitholders for losses incurred by the fund, which are caused by fraud or wilful negligence, misconduct or default of the fund manager.

b. The fund manager shall comply with the laws and regulations related to his duties and responsibilities, and with all principles and duties required under the Capital Market Institutions Regulations and shall have the primary responsibility for compliance with these Instructions, whether it directly performs its responsibilities and duties or delegated them to an external party.

c. The fund manager’s responsibilities shall include:

1) Fund management, and offering of fund units.

2) Ensuring the accuracy of the Fund’s Terms and Conditions and all disclosures by the fund, and verify that they are complete, clear, accurate, and not misleading.

3) Valuing the fund’s assets, as well as pricing and dealing in the units of the fund in accordance with a clear policy.

4) Developing policies and procedures that detect risks effecting the fund's investments and ensure treatment of these risks as soon as possible. These policies and procedures must include conducting risks assessment, at least, once a year.

5) Implementing a compliance monitoring program for every fund under its management. The fund manager must provide the Authority with the results of the implementation of the program upon its request.

6) Cooperating with all persons concerned with the performance of tasks for the fund, including the custodian (where applicable) and the auditor, and the fund manager must provide them with whatever necessary to perform their duties and tasks.

7) Documenting all amendments to the Fund’s Terms and Conditions.

8) Complying with the provisions of Annex (3) of these Instructions when notifying the Authority.