Alternative Investment Funds must follow a code of conduct; managers ensure compliance and appoint required custodians and compliance officers. Alternative Investment Funds and their key personnel must abide by a prescribed Code of Conduct; the Manager and trustee (or equivalent) must ensure compliance and jointly approve policies and procedures to secure that fund decisions comply with regulations, placement memoranda, investor agreements, fund documents and applicable law. The Manager is primarily responsible for all decisions, may constitute an Investment Committee whose members share compliance responsibility, and funds must appoint a registered Custodian where required, segregate scheme assets, appoint a Compliance Officer, notify the Board of material changes, and observe investor rights and due diligence obligations.