Document ID: chunk:federal_register_of_legislation:F2022C00868:reg:6
Version: federal_register_of_legislation:F2022C00868
Segment Type: reg
Provision Reference: reg 6
Character Range: 42548–44282

6     Thailand                            In the case of a scheme established as a mutual fund, the mutual fund supervisor appointed for the mutual fund under the Securities and Exchange Act B.E. 2535 (1992). In the case of a scheme established as a trust, the entity approved by the Securities and Exchange Commission under the Trust for Transactions in Capital Market Act B.E. 2550 (2007) to perform such oversight function over the trust.

 (2) The independent oversight entity must:
 (a) monitor the operator for compliance with the constituent documents of the passport fund, the laws of the home economy for the passport fund relating to the operation of the passport fund and Divisions 6.2 to 6.5 of the Passport Rules for the home economy for the passport fund; and
 (b) if, in the reasonable opinion of the independent oversight entity, the operator is required by section 12 of the Passport Rules for the home economy for the passport fund to report non‑compliance with the constituent documents of the passport fund or the laws of the home economy for the passport fund relating to the operation of the passport fund including the Passport Rules for the home economy to the home regulator or a host regulator for the passport fund but fails to do so, notify its opinion including particulars of the non‑compliance to the regulator as soon as practicable but no later than 7 days after forming the opinion.
 (3) The independent oversight entity must exercise reasonable care and diligence in performing the functions listed in subsection (2) considering the interests of the members of the passport fund.
 (4)  The operator must provide any assistance required by the independent oversight entity to perform its functions.