Securities Markets Regulations, 2015 · As enacted · Chapter VI
Section 112
Official textFrom Attorney General's Chambers, unchanged
(1)
An operator or a trustee that has delegated any investment services or activities or outsourced any functions, must conduct a review of the carrying out of the relevant activities, services or functions and present the findings of the review to either -
(a}
the board of directors of the collective investment scheme every 6
months at the board meeting in Brunei Darussalam; or
in the case of a collective investment scheme structured as an investment trust, the trustee or the operator, as the case may be.
!2)
Notwithstanding the requirement in sub-regulation (1), if an operator or a trustee discovers any non-compliance of any term of the delegation agreement or outsourcing agreement, the operator or the trustee, as the ca'se may be, must take immediate action to remedy the matter and to notify the Authority and where applicable, its board of directors or the trustee.
For the purposes of sub-regulation (2), the operator or the trustee must notify the Authority only where the non-compliance is materiaL