Article 36: Permitted Fees, Commissions And Expenses

Article 36: Permitted Fees, Commissions And Expenses

a. The only payments which may be made by the fund manager from the assets of the public fund managed by the fund manager are those in respect of:

1) the costs of dealing in the assets of that public fund, including brokerage fees;

2) costs associated with borrowings related to that public fund;

3) management fees, including any performance or incentive element if applicable;

4) the fees of the custodian;

5) the fees and expenses of the auditor;

6) the fees of the Shariah committee (including Shariah oversight), if any;

7) The expenses for publishing the quarter statement, interim financial statements, and annual reports (including annual financial statements).

8) fees and expenses of the fund board directors; and

9) any other charges or expenses associated with the operation and administration of that public fund (including, but not limited to, the cost of holding unitholder meetings).

b. The fund manager must pay all costs of the offer of units of any public fund and the promotion for it out of its own resources, such costs shall include the preparation of the Fund’s Terms and Conditions and other documents required to be submitted to the Authority under these Regulations, beside copying and publication of such.

c. The fund manager shall, in its annual report to unitholders, disclose the ratio of the aggregate fees for the year in question to the average net asset value of the public fund.