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NATIONAL LEGISLATION OVERVIEWS
NATIONAL LEGISLATION OVERVIEWS
Collective Investment Schemes
Control Act, No. 45 of 2002
Long title
To regulate and control the establishment and administration of collective investment schemes; to amend or repeal certain laws; and to provide for incidental matters.
Table of contents
Legislation Text Access Point
Long title
To regulate and control the establishment and administration of collective investment schemes; to amend or repeal certain laws; and to provide for incidental matters.
Table of contents
| SECTION | TITLE |
| ARRANGEMENT OF SECTIONS | |
| PART I. COLLECTIVE INVESTMENT SCHEMES | |
| 1. | Definitions |
| 1A. | Relationship between Act and Financial Sector Regulation Act [...inserted by Act 2017_009_290_20170822] |
| 1B. | Regulatory instruments [...inserted by Act 2017_009_290_20170822] |
| 2. | Principles for administration of collective investment scheme |
| 3. | Disclosure of information |
| 4. | Duties of manager |
| 5. | Requirement for administration of collective investment schemes [..Title amended by Act ... - was entitled "Requirement for administration of collective investment schemes"]** |
| 6. | Prohibition of misleading names and acts |
| 7. | ... [...repealed by Act 2017_009_290_20170822 - was entitled "Registrar and deputy registrar of collective investment schemes"] |
| 8. | ... [...repealed by Act 2013_045_212_20140116 - was entitled "Collective Investment Schemes Advisory Committee"] |
| 9. | ... [...repealed by Act 2013_045_212_20140116 - was entitled "Appointment of members of advisory committee and termination of appointment"] |
| 10. | ... [...repealed by Act 2013_045_212_20140116 - was entitled "Functions of advisory committee"] |
| 11. | ... [...repealed by Act 2013_045_212_20140116 - was entitled "Meetings of advisory committee"] |
| 12. | ... [...repealed by Act 2013_045_212_20140116 - was entitled "Subcommittees of advisory committee"] |
| 13. | ... [...repealed by Act 2013_045_212_20140116 - was entitled "Remuneration and expenses of members of advisory committee"] |
| PART II. FUNCTIONS OF REGISTRAR | |
| 14. | ... [..Title amended by Act 2013_045_213_20140116 - was entitled "Special provisions concerning powers of registrar"] [...repealed by Act 2017_009_290_20170822 - was entitled "Inspections and on-site visits"] |
| 15. | Powers of registrar after investigation |
| 15A. | Powers of registrar in respect of financial soundness requirement [...inserted by Act 2013_045_215_20140116] |
| 15B. | ... [...inserted by Act 2013_045_215_20140116] [...repealed by Act 2017_009_290_20170822 - was entitled "Directives"] |
| 16. | Cancellation or suspension of registration of manager |
| 17. | Registrar may object to certain documents |
| 18. | ... [...Title amended by Act... - was entitled "Power of registrar to impose penalties for failure or inability to comply with requirements"] [...repealed by Act 2017_009_290_20170822 - was entitled "Power of registrar to impose fines"] |
| 19. | Power of registrar to request audit |
| 20. | Attendance of meetings of association and furnishing of certain documents to registrar |
| 21. | ... [...repealed by Act 2013_045_216_20140116 - was entitled "Declaration of certain practices as irregular or undesirable"] |
| 22. | ... [...repealed by Act 2017_009_290_20170822 - was entitled "Exemptions"] |
| 23. | Annual report by registrar [...repealed by Act 2017_009_290_20170822 - was entitled ""] |
| 24. | ... [...repealed by Act 2017_009_290_20170822 - was entitled "Board of Appeal"] |
| PART III. ASSOCIATION OF COLLECTIVE INVESTMENT SCHEMES | |
| 25. | Application for association licence |
| 26. | Issue or renewal of association licence |
| 27. | Refusal of renewal of association licence |
| 28. | Cancellation or suspension of association licence |
| 29. | Restriction on use of name or description implying connection with association |
| 30. | Delegation of functions of executive committee |
| 31. | Suspension of administration of collective investment scheme |
| 32. | Rules of association |
| 33. | Power of court to declare member disqualified |
| 34. | Voluntary dissolution of association |
| 35. | Winding-up of association by court |
| 36. | Business rescue of association [...Title substituted by Act 2013_045_219_20140116 - was entitled "Judicial management of association"] |
| 37. | Appointment of liquidator [...Title amended by Act 2013_045_220_20140116 - was entitled "Appointment of judicial manager or liquidator"] |
| 38. | Report by association to registrar |
| PART IV. COLLECTIVE INVESTMENT SCHEMES IN SECURITIES | |
| 39. | Definition |
| 40. | Determination of securities or classes of securities |
| 41. | Restrictions on administration of collective investment scheme in securities |
| 42. | Procedure for registration of manager of collective investment scheme in securities |
| 43. | Change of name of manager, portfolio or collective investment scheme in securities and change of shareholding or directors and removal of appointees |
| 44. | Determination of market price of securities |
| 45. | Foreign securities in which collective investment scheme in securities may invest |
| 46. | Limitation on investment in portfolio |
| PART V. COLLECTIVE INVESTMENT SCHEMES IN PROPERTY | |
| 47. | Definitions |
| 48. | Restrictions on administration of collective investment scheme in property |
| 49. | Foreign country in which collective investment scheme in property may invest |
| 50. | Listing of participatory interests by exchange |
| 51. | Certain provisions of Part IV to apply in respect of manager of collective investment scheme in property |
| PART VI. COLLECTIVE INVESTMENT SCHEMES IN PARTICIPATION BONDS | |
| 52. | Definitions |
| 53. | Restrictions on administration of collective investment scheme in participation bonds |
| 54. | Restrictions on business of collective investment scheme in participation bonds |
| 55. | Capacity of manager |
| 56. | Registration of participation bonds in name of nominee company |
| 57. | Rights of participant |
| 58. | Minimum investment period |
| 59. | Participatory interests rank in preference concurrently |
| 60. | Restrictions on rights of nominee company |
| 61. | Collateral security in respect of participation bonds |
| PART VII. DECLARED COLLECTIVE INVESTMENT SCHEMES | |
| 62. | Definition |
| 63. | Declaration of specific type of business as collective investment scheme for purposes of Act |
| 64. | Certain provisions to apply in respect of declared collective investment scheme |
| PART VIII. FOREIGN COLLECTIVE INVESTMENT SCHEMES | |
| 65. | Restrictions on foreign collective investment scheme to carry on business in Republic |
| 66. | Reciprocity |
| 67. | Withdrawal of approval of foreign collective investment scheme |
| PART IX. TRUSTEE OR CUSTODIAN | |
| 68. | Appointment and termination of appointment of trustee or custodian |
| 69. | Qualifications and registration of trustee or custodian |
| 70. | Duties of trustee or custodian |
| 71. | Status of assets |
| 72. | Liability of trustee or custodian in respect of loss of assets |
| PART X. AUDITOR | |
| 73. | Appointment and approval of auditor |
| 74. | Accounting records and audit |
| 75. | Duty of auditor to disclose irregularity or undesirable practice |
| PART XI. CONVERSION OF COLLECTIVE INVESTMENT SCHEME | |
| 76. | Definitions |
| 77. | Conversion of collective investment scheme |
| 78. | Application for registrar's approval |
| 79. | Consideration of application |
| 80. | Resolution by investors |
| 81. | Registration of Memorandum of Incorporation by Companies and Intellectual Property Commission [...Title amended by Act 2013_045_231_20140116 - was entitled "Registration of memorandum and articles of association by registrar of companies"] |
| 82. | Certificate of registration of conversion and notice in Gazette |
| 83. | Effects of conversion |
| 84. | Issue of participatory interests to persons who were investors in former collective investment scheme |
| PART XII. GENERAL | |
| 85. | Restrictions on assets which may be included in or lent by portfolio of collective investment scheme |
| 86. | Business capacity of manager |
| 87. | Definition |
| 88. | Capital requirement which manager must maintain |
| 89. | Obligation of manager to maintain capital requirement and failure or inability to comply |
| 90. | Financial statements and other information to be furnished by manager |
| 91. | Exercise of voting power by manager |
| 92. | Unauthorised gain derived from acquisition of assets |
| 93. | Permissible deductions from portfolio |
| 94. | Calculation of price and limitation of amount of rounding-off accrual |
| 95. | Sale of participatory interests only on payment of full purchase price and restriction on the lending or borrowing of money |
| 96. | Power of manager to borrow money to bridge liquid asset shortfalls of portfolio |
| 97. | Matters which must be provided for in deed |
| 98. | Void provisions of deed and amendment of deed |
| 99. | Amalgamation of business of collective investment schemes or portfolios and cession, transfer or take over of rights of investors |
| 100. | Contents of price list, advertisement, brochure and similar document |
| 101. | Principal office and public officer in Republic |
| 102. | Winding-up of portfolio of collective investment scheme |
| 103. | Manner of dealing with trust property on winding-up of portfolio |
| 104. | Separation of assets of portfolio handed to or received by manager, trustee or custodian |
| 105. | Separation of funds of investors and other persons |
| 106. | False or misleading statements |
| 107. | Fraudulently inducing person to purchase or deal in participatory interests |
| 108. | Evidence |
| 109. | Liability for loss |
| 110. | Certain written matter to bear names of certain persons |
| 111. | Application of Companies Act in relation to manager |
| 111A. | Business rescue of manager [...inserted by Act 2013_045_236_20140116] |
| 112. | Delegation of functions |
| 113. | Exemption from Act 57 of 1988 |
| 114. | Regulations by Minister and notices by registrar |
| 115. | Offences |
| 116. | Penalties |
| 117. | Repeal or amendment of laws and savings |
| 118. | Short title |
| Sch. 1. | SCHEDULE 1. MATTERS WHICH MUST BE PROVIDED FOR IN DEED OF COLLECTIVE INVESTMENT SCHEME IN SECURITIES (SECTION 97) |
| Sch. 2. | SCHEDULE 2. MATTERS WHICH MUST BE PROVIDED FOR IN DEED OF COLLECTIVE INVESTMENT SCHEME IN PROPERTY (SECTION 97) |
| Sch. 3. | SCHEDULE 3. LAWS REPEALED OR AMENDED BY THIS ACT (SECTION 117) |
| Sch. 4. | SCHEDULE 4. MATTERS TO BE PROVIDED FOR IN RULES OF ASSOCIATION (SECTION 32) |
Legislation Text Access Point
| Versions [To check whether a version has commenced, and how it was commenced, please see the Timeline for the Act, and the Annotated Text for the version.] |
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| As unamended Act 2002_045_000_20021213 | EXT.LINK | REQ.INFO | LINK |
| As amended by Act 2007_035_000_20080108 . | N/A | REQ.INFO | LINK |
| As amended by Act 2008_003_000_20080722 . | N/A | REQ.INFO | LINK |
| As amended by Act 2008_022_000_20080930 . | N/A | REQ.INFO | LINK |
| As amended by Act 2012_019_000_20130201 . | N/A | REQ.INFO | LINK |
| As amended by Act 2013_045_000_20140116 . | N/A | REQ.INFO | LINK |
| As amended by Act 2017_009_000_20170822 . | N/A | REQ.INFO | LINK |
| As amended by ... | N/A | REQ.INFO | LINK |
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