Fund manager connected person status clarified; fixed-charge remuneration excluded from fund profits if conditions and writing are satisfied. The amendment clarifies that a fund manager is not a connected person of the fund merely for undertaking fund management activity, and that remuneration which is a fixed charge and not dependent on the fund's income from the manager's activity will be excluded from profits under clause (d) of sub-section (4) of section 9A where clause (m) of sub-section (3) conditions are satisfied and the fixed charge was agreed in writing at the commencement of the activity.
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Fund manager connected person status clarified; fixed-charge remuneration excluded from fund profits if conditions and writing are satisfied.
The amendment clarifies that a fund manager is not a connected person of the fund merely for undertaking fund management activity, and that remuneration which is a fixed charge and not dependent on the fund's income from the manager's activity will be excluded from profits under clause (d) of sub-section (4) of section 9A where clause (m) of sub-section (3) conditions are satisfied and the fixed charge was agreed in writing at the commencement of the activity.
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