• Procedures relating to appointment of Sponsors

    • MKT 5.1.3

      (1) A Person required to appoint a Sponsor must, prior to appointing a Sponsor:
      (a) take reasonable steps to ensure that the proposed Sponsor has the required knowledge, experience, qualifications and resources to carry out its obligations under these Rules; and
      (b) notify the Regulator of the proposed Sponsor's name, its business address and an address in the Regulator for the service of documents.
      (2) If requested by the Regulator, a Person appointing a Sponsor must provide the Regulator with information about the knowledge, experience, qualifications and resources of the appointed or proposed Sponsor.

    • MKT 5.1.4

      (1) A Person must take reasonable steps to ensure that the relevant Sponsor and Employees of the Sponsor are independent and have appropriately managed any conflict of interest that may arise.
      (2) A Person must notify the Regulator if it becomes aware, or has reason to believe, that the Sponsor or relevant Employees of the Sponsor are no longer independent or have a conflict of interest which has not been appropriately managed.

    • MKT 5.1.5

      (1) Where, in the opinion of the Regulator, a Sponsor appointed by a Person is not suitable, or where a Sponsor has not been appointed or has resigned, the Regulator may direct the Person to replace or appoint a Sponsor.
      (2) The Regulator must give both the Person and, if in the Regulator's opinion a Sponsor is not suitable, the Sponsor an opportunity to make representations under the procedures in that Schedule.