S.L. 370.34 Art. 7Due diligence.

(1) Prior to submitting a request for notification of an AIF, the AIFM shall carry out the necessary due diligence process to ensure that the service providers and the governing body of the AIF satisfy, at the time of notification, the high standards of fitness and properness specified by the competent authority.

(2) The AIFM shall undertake and ensure that each service provider and member of the governing body of the AIF maintain such standards on an ongoing basis and immediately notify the competent authority of any change in such circumstances as they become known to the AIFM.

(3) The AIFM shall keep records of all evidence of, and correspondence regarding, the due diligence process carried out in relation to the service providers and the members of the governing body of the AIF. Such records shall be made available for inspection upon request by the competent authority.

(4) For the better carrying out of the provisions of these regulations, the competent authority may issue and publish Investment Services Rules laying down requirements in relation to the fitness and properness standards expected by the competent authority.