6Qualifications of officers

6 Qualifications of officers

(1) The operator of a passport fund must ensure that at all times it has officers with the relevant qualifications. (2) For this section, the operator has officers with the relevant qualifications only if it has the following officers or employees with the qualifications or experience indicated: (a) a chief executive officer (or the equivalent) with at least 10 years’ relevant experience within the previous 15 years as an officer or employee in an IOSCO financial services related business, with 5 of the 10 years in a managerial or supervisory role; (b) at least 2 executive directors (or the equivalent), which may include the chief executive officer, each with at least 5 years’ relevant experience within the previous 7 years as an officer or employee in a managerial or supervisory role in an IOSCO financial services related business; (c) one or more officers or employees, who are when considered together responsible, whether jointly with others or not, for making or supervising all the discretionary investment decisions of the passport fund, each with either: (i) a bachelor degree, or equivalent, or higher qualification in a relevant discipline, together with at least 3 years’ experience within the previous 5 years as an officer or employee with responsibility for making or supervising discretionary investment decisions in an IOSCO financial services related business; or (ii) at least 5 years’ experience within the previous 7 years as an officer or employee with responsibility for making or supervising discretionary investment decisions in an IOSCO financial services related business. (3) For this section and section 9, a reference to supervising discretionary investment decisions includes monitoring and evaluating on behalf of an entity the performance of another entity that makes discretionary investment decisions as a delegate of the first entity, and being significantly involved in decisions about whether the second entity should remain as a delegate in light of its performance.