(1) A fund administrator shall ensure that no person appointed as a director of the fund administrator is a director of a depositary, trustee or custodian appointed to an investment fund in respect of which the fund administrator provides administration services.
(2) A fund administrator, who is not a sole trader, shall ensure that -
(a) it has a minimum of 2 directors who are present in the State for the whole of 110 working days in a year, and
(b) its directors disclose, in writing, to the fund administrator any concurrent directorship which they hold on the board of an investment fund or an entity which provides services to such investment fund.