Document ID: chunk:federal_register_of_legislation:F2022C00868:reg:11:p2
Version: federal_register_of_legislation:F2022C00868
Segment Type: reg
Provision Reference: reg 11 (pt 2/2)
Character Range: 25919–27303

delegates the investment management function, the operator must have in place suitable processes to ensure that at all times each of the qualifying delegates has one or more officers or employees who when considered together are responsible, whether jointly with others or not, in making or supervising all the investment decisions of the passport fund, each with at least either:
 (a) a bachelor degree, or equivalent, or higher qualification in a relevant discipline, together with at least 3 years' experience within the previous 5 years as an officer or employee of an IOSCO financial services related business with responsibility or joint responsibility, for making or supervising discretionary investment decisions; or
 (b) at least 5 years' experience within the previous 7 years as an officer or employee of an IOSCO financial services related business with responsibility or joint responsibility, for making or supervising discretionary investment decisions.
 (5) For this section, a reference to supervising discretionary investment decisions includes monitoring and evaluating on behalf of an entity, the performance of another entity that makes discretionary investment decisions as a delegate of the first entity, and being significantly involved in decisions about whether the second entity should remain as a delegate in light of its performance.

Part 4—Accountability