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3. (1) There shall be appointed

(a) a Registrar of Mutual Funds and Deputy Registrar of Mutual Funds both of whom shall be public officers; and

(b) any other public officers as may be necessary to administer this Act.

(2) The Registrar has

(a) the duty to supervise mutual funds and managers and administrators in accordance with this Act; and

(b) in and for the discharge of that duty, the powers conferred upon him by this Act.

(3) The Registrar may, upon request by any person to whom this Act applies and the payment of the fee set out in Part I of Schedule 2 or such other amount as may be prescribed by regulations, issue to such person a certificate of compliance in such form as the Registrar thinks fit.

(4) The Registrar, the Deputy Registrar or any employee of the office of the Registrar shall not, knowingly, have any financial interest in any person registered, recognised or licensed under this Act.

4. (1) The Governor and the Minister may in writing delegate any of their respective powers conferred upon them by this Act to the Registrar and thereupon this Act shall be read as if those powers were originally conferred upon the Registrar.

(2) The Registrar may delegate any of his powers or duties under this Act to the Deputy Registrar and thereupon this Act shall be read as if those powers or duties were originally conferred or imposed upon the Deputy Registrar.

5. (1) The Registrar shall, on or before the 30th day of April in each year, prepare and deliver to the Minister a report consisting of

(a) a summary of the nature and number of

(i) filings made under this Act;

(ii) registrations, recognitions and licences granted under this Act;

(iii) enforcement proceedings or disciplinary measures taken under this Act; and

(b) a general commentary on the law relating to the mutual funds industry and on the practice and development of that law.

(2) On receiving the report delivered to him pursuant to subsection (1), the Minister shall lay the report before the Legislative Council.

6. (1) The Registrar shall keep separate registers for all

(a) registered public funds;

(b) recognised private funds; and

(c) licensed managers and administrators.

(2) The registers required under subsection (1) shall show

(a) the information required under section 26 (a), (b) and (c) with respect to each registered public fund, recognised private fund and licensed manager or administrator;

(b) the date of registration, recognition or licence, as the case may be; and

(c) the status of such registration, recognition or licence if cancelled and the date thereof.

(3) Registers kept by the Registrar shall be in such form as he may determine and, subject to section 38, shall be open to public inspection during ordinary office hours on payment of an inspection fee of five dollars or such other amount as may be prescribed by regulations.

7. (1) There shall be a Committee called Advisory Committee. the Mutual Funds Advisory Committee which shall consist of not more than five persons appointed by the Minister from among members of the private sector who are known to him to have adequate knowledge of and experience in the mutual funds industry.

(2) The Minister shall appoint a senior public officer who shall be the Chairman of the Mutual Funds Advisory Committee and the Registrar of Mutual Funds shall be an ex-officio member thereof.

(3) The Mutual Funds Advisory Committee shall

(a) advise the Minister on any matter referred to it by him relating to the mutual funds industry;

(b) on its own motion report and make recommendations to the Minister on any matter relating to mutual funds as it sees fit; and

(c) have power to establish

(i) its own working rules and procedures; and

(ii) as many sub-committees as it thinks necessary.