(1) Subsection 4.4(1) of the Instrument contains provisions that require that any agreement or declaration of trust under which a person or company acts as manager of an investment fund provide that the manager is responsible for any loss that arises out of the failure of it, and of any person or company retained by it or the investment fund to discharge any of the manager’s responsibilities to the investment fund, to satisfy the standard of care referred to in that section. Subsection 4.4(5) of the instrument provides that Subsection 4.4 does not apply to any losses to an investment fund or securityholder arising out of an action or inaction by acustodian or sub-custodian or by a director of an investment fund. A separate liability regime is imposed, on custodians or sub-custodians by section6.6of the instrument. Directors are subject to the liability regime imposed by the relevant corporate legislation.of the instrument. Directors are subject to the liability regime imposed by the relevant corporate legislation.