S.L. 370.34 Art. 18Due diligence.

(1) Prior to submitting a request for notification of a

PIF, the PIF shall appoint a Due Diligence Service Provider to carry out the necessary due diligence process to ensure that the governing body, founder shareholders, Money Laundering Reporting Officer

(MLRO) and any other service providers or functionaries the PIF may appoint, satisfy at the time of notification, the high standards of fitness and properness required by the competent authority in terms of the Investment Services Rules.

(2) The Due Diligence Service Provider appointed in terms of this regulation shall undertake and ensure that each member of the governing body, founder shareholder, Money Laundering Reporting Officer (MLRO) and any other service provider or functionary the PIF may appoint, maintains such standards on an ongoing basis, and shall immediately notify the competent authority of any change in such circumstances as they become known to such Due Diligence Service Provider.

(3) The Due Diligence Service Provider appointed in terms of this regulation shall keep records of all evidence of, and correspondence regarding, the due diligence process carried out in relation to the governing body of the PIF, founder shareholders, Money Laundering Reporting Officer (MLRO), and any other services providers or functionaries the PIF may appoint. Such records shall be made available for inspection upon request by the competent authority.

(4) Without prejudice to any other power of the competent authority in terms of the Act and any other law, the provisions of articles 13, 15 and 16 of the Act shall apply to any mutatis mutandis Due Diligence Service Providers appointed in terms of this regulation.