المادة 18: Appointment of Advisors

Article 18: Appointment of Advisors

a. The fund manager may, in respect to any investment fund which the fund manager manages, appoint a person to provide advice. The remuneration of any such person must be paid from the fund manager's own resources.

b. With exception for cases described in Paragraph (c) of this Article, any person appointed by the fund manager as an adviser, must be a capital market institution licensed to carry out the advising activity, and must be appointed pursuant to a written contract.

c. A fund manager may appoint a person in a jurisdiction other than the Kingdom to provide advice in relation to investment fund's foreign investments. The person that has been appointed pursuant to this Paragraph must be established, authorised and supervised in a jurisdiction that employs regulatory standards and requirements at least equivalent to those of the Authority, and must be delegated pursuant to a contract in writing.

d. The Authority shall have the discretion to assess whether the jurisdiction in which any adviser operates has regulatory standards and requirements at least equivalent to those of the Authority.