Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Board NoticesExemption of a category of persons conducting the business of a hedge fund from certain provisions of the Collective Investment Schemes Control Act, 20022. 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. |