A manager may, subject to the provisions of this Act and any other law, invest assets of a portfolio of a collective investment scheme in foreign equity or non-equity securities if such foreign—
| (i) | non-equity securities are from issuers located in a country which has a foreign currency sovereign rating, and the issuer has a long-term issuer credit rating on the international scale, by a rating agency, which ratings and rating agency must be determined by the registrar: Provided that if the country or the issuer has been rated by more than one agency the lower of the ratings applies; and |
| (ii) | non-equity securities are securities to which the manager has applied the due diligence guidelines for issuers determined by the registrar; |
| (i) | equity securities are traded on an exchange which has been granted full membership by the World Federation of Exchanges; or |
| (ii) | equity securities are securities listed on an exchange to which the manager has applied the due diligence guidelines determined by the registrar. |
