26Fund management agents

26 Fund management agents (1) The Commission may, for the purposes of this Act— S. 26(1)(a) amended by No. 28/2005 s. 31. (a) appoint by an instrument any person to be a fund management agent of the Commission; and S. 26(1)(b) amended by No. 28/2005 s. 31. (b) terminate any such appointment by an instrument. (2) A fund management agent shall act as an agent subject to— (a) such terms and conditions as are specified in the instrument of appointment; and (b) such directions as are given in writing to the fund management agent by the Commission. (3) A fund management agent shall be entitled to receive from the Commission such remuneration as is agreed between the Commission and the agent. (4) A fund management agent who contravenes or fails to comply with— (a) the terms and conditions specified in the instrument of appointment; or (b) any direction given to the agent under subsection (2)(b)— is guilty of an offence against this Act. (5) Subsection (4) is in addition to and not in derogation from the power of the Commission— (a) to terminate the appointment of a fund management agent; or (b) to take any other appropriate proceedings against any person who is or has been a fund management agent. (6) A fund management agent must keep accounting records relating to transactions and affairs of the agent under this section in the manner and form specified by the Commission and must retain those records for the period specified by the Commission. (7) For the purposes of this section, the Commission— (a) may at any time, by notice in writing give a direction to a fund management agent or a person who, in the preceding three years has been a fund management agent, requiring the production at such time and place as are specified in the direction, of such accounting records relating to the transactions and affairs of the agent or of a person while an agent, as are so specified and in such form as is so specified; and (b) may audit and inspect the accounting records and require the giving of information by fund management agents to the Commission or any person authorized by the Commission. (8) The requirement under subsection (6) to retain accounting records and subsection (7) apply in respect of a person who has, at any time in the preceding three years, been a fund management agent.