Change of control in asset management companies triggers trustee and board approval, unitholder notice and exit option. Regulation 22 conditions regulatory approval of an AMC on governance and disclosure obligations: restrict cross directorships except for specified independent directors with board consent; require trustee approval for director appointments; obligate prompt notification to the regulator of material changes and document provision to trustees; and mandate that any change in control obtain trustees' and regulator's prior approval, be communicated to unitholders via direct notice and press advertisement, and offer unitholders an exit at prevailing Net Asset Value without exit load.