7.2-1 Director
7.2-1.1 Application
This chapter applies to:
(a) a Single Family Office Fund;
(b) a Corporate Treasury Centre Fund; and
(c) the Director of an Investment Company acting as a Fund Manager of (a) or (b).
7.2-1.2 Requirements relating to the Single Family Office Fund
(a) A Single Family Office Fund must:
(i) be an Exempt Fund; and
(ii) have minimum investable assets under management of USD 1 million, assessed by fair market or book value.
(b) For the purposes of these Rules, a Single Family Office Fund is treated as a Domestic Fund that is managed by a Domestic Fund Manager.
(c) A Single Family Office Fund Manager is not required to have a Governing Body and appoint a Finance Officer and Compliance Officer.
7.2-1.3 Requirements relating to the Corporate Treasury Centre Fund
(a) The Corporate Treasury Centre Fund must be:
(i) an Exempt Fund; and
(ii) a Group arrangement.
(b) For the purposes of these Rules, a Corporate Treasury Centre Fund is treated as a Domestic Fund that is managed by a Domestic Fund Manager.
(c) The Corporate Treasury Centre Fund Manager is not required to have a Governing Body and appoint a Finance Officer and Compliance Officer.
7.2-1.4. Requirements relating to a Director
(a) The Director of a Single Family Office Fund who is managing the Single Family Office Fund must not act as the Fund Manager of any other Fund or manage assets for another Person.
(b) The Director of a Corporate Treasury Centre Fund who is managing the Corporate Treasury Centre Fund must not act as the Fund Manager of any other Fund or manage assets for another Person.