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

Notices

Determination of the Limits and Conditions for Third Party Named Portfolios of Collective Investment Schemes

Part II : Incubator Portfolios

5. Duration

 

(1) The Registrar approves the name of an incubator portfolio for a period of three years.

 

(2) During the three year period, referred to in subparagraph 1, and not more than six months after expiry of the three year period, the financial services provider must lodge an application for registration as a manager of a collective investment scheme in securities as contemplated in section 42 of the Act.

 

(3) If an application contemplated in subparagraph (2) is not lodged within the period prescribed in sub-paragraph (2), the manager must apply to the Registrar to—
(a) wind up the portfolio in accordance with section 102 of the Act; or
(b) amalgamate the portfolio with one of its portfolios in accordance with section 99 of the Act; or
(c) rename the portfolio in accordance with section 43(1) of the Act to reflect the registered name of the manager.

 

(4) The manager may apply for an extension of the three year period on good cause shown, provided that the total duration of the portfolio name may not exceed five years from the date of initial approval of that name. The application for extension must be lodged with the Registrar before expiry of the three year period referred to in subparagraph (1).