Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Part XII : General92. Unauthorised gain derived from acquisition of assets |
A manager, director or employee of a manager may not directly or indirectly have a personal interest in or derive any pecuniary advantage from the acquisition or sale by them of any assets of a portfolio except if such advantage accrues in the ordinary course of business to them by virtue of—
| (a) | any difference between the price at which a participatory interest is acquired and the price at which it is subsequently sold; or |
| (b) | any underwriting of participatory interests done by a manager, director or employee. |