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Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)

Board Notices

Exemption of a category of persons conducting the business of a hedge fund from certain provisions of the Collective Investment Schemes Control Act, 2002

2. Background and Purpose

 

(1) Paragraph 5 of the Declaration provides that a Designated Person must, within six months from the commencement date of the Declaration, lodge with the Registrar an application for registration as a manager to operate a Hedge Fund in accordance with section 42 of the Act.

 

(2) Certain Designated Persons have indicated to the Registrar that their respective business models are not suited to operating as a Manager and they intend to transition their Unregulated Hedge Funds to operate as portfolios under collective investment schemes registered by other Managers.

 

(3) The purpose of this exemption is to exempt Designated Persons who wish to operate their Unregulated Hedge Funds as described in sub-paragraph (2) from the provisions of paragraph 5 of the Declaration subject to the conditions below.

 

(4) The Registrar is of the view that the exemption is in the public interest.