Updated guidance: Manager of a Managed Entity (MoME) and certain managed entities

We’ve updated the Guidance Note: for a Manager of a Managed Entity (MoME) and certain managed entities to align it with the current Fund Services Business Code (FSB Code).

There have been material changes to the FSB Code since the original Guidance Note: for A Manager of a Managed Entity (A MoME) and certain managed entities was issued in 2009. This updated Guidance Note reflects those changes and includes changes to Code numbering.

Revised Appendix 1 is also particularly important. It provides updated guidance on complying with the Core Principles of the Fund Services Business Code. We’d especially like to draw your attention to the following:

1. Core Principle 5, which says that "A registered person must maintain, and be able to demonstrate the existence of, both adequate financial resources and adequate insurance”. Regarding the requirement for "adequate insurance", the previous guidance was that nothing but the managed entity requirements were relevant. This is no longer the case. Parts of the detailed Code are now relevant if there are no alternative appropriate measures in place.
2. Newly inserted Core Principle 8, which says that "A registered person must, where relevant, comply with the applicable sections of the AIF (Alternative Investment Funds) Code.

Read the updated guidance here: Manager of a managed entity (MoME) and certain managed entities