Document ID: chunk:federal_register_of_legislation:F2022C00868:reg:6:p1
Version: federal_register_of_legislation:F2022C00868
Segment Type: reg
Provision Reference: reg 6 (pt 1/2)
Character Range: 46900–49623

6     Thailand                            An auditor as defined by the Securities and Exchange Commission or the mutual fund supervisor appointed for the mutual fund under the Securities and Exchange Act B.E. 2535 (1992).

 (4) The implementation review must not be conducted by:
 (a) the operator; or
 (b) a related party of the operator.

Assistance must be given to the reviewer
 (5) Each of the following entities must do all things reasonably necessary to assist the conduct of the implementation review:
 (a) the operator;
 (b) any delegate of the operator;
 (c) any custodian of the passport fund;
 (d) the responsible holding party;
 (e) the independent oversight entity.

Requirements applying where the review must be conducted
 (6) The operator of a passport fund must ensure that an implementation reviewer is engaged for the passport fund for the purposes of this section at all times.
 (7) The implementation review must be conducted independently in accordance with standards acceptable to the home regulator for the passport fund.

Report of the implementation review
 (8) The report of the implementation review must be addressed to the operator, the independent oversight entity (where applicable), the home regulator, and each host regulator, for the fund.
 (9) The report must state:
 (a) whether any matter has come to the attention of the implementation reviewer that causes the reviewer to believe that, or to believe that it is likely that, the passport fund was not operated in accordance with the Passport Rules for the home economy, or any host economy, for the fund during the review period in all respects that may be material to the persons to whom it is addressed; and
 (b) if so, particulars of each matter including details explaining the reasons why the reviewer has reason to believe that the passport fund was not operated in accordance with, or was likely not to have been operated in accordance with, the Passport Rules for the home economy, and any host economy, for the fund during that period; and
 (c) information on the basis for the statements made in paragraphs (a) and (b).
 (10) The operator of a passport fund must, within 3 months after the end of the review period, provide a copy of the report to:
 (a) the home regulator for the passport fund; and
 (b) each host regulator for an economy in which the passport fund had, during the review period, members who became members of the passport fund following an application made in that economy; and
 (c) each host regulator for an economy in which interests in the passport fund were offered during the period from the beginning of the review period to the time the reports are provided to the home regulator for the passport