Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Board NoticesDetermination of Securities, Class of Securities, Assets or Classes of Assets that may be included in a portfolio of a Collective Investment Scheme in Securities and the manner in which and the limits and conditions subject to which Securities or Assets may be so includedChapter Vll : General23. Consequences of repurchases |
| (1) | Where non-compliance with a condition, limit or requirement set in this Notice occurs because the manager has met its obligation to satisfy offers to repurchase participatory interests, the manager: |
| (a) | where a limit determined in this Notice is exceeded, may not for as long as such breach continues, purchase any further securities or instruments issued by that entity; or |
| (b) | where certain assets are not maintained in a portfolio as required by paragraphs 16,17 and 19 of this Notice, must take immediate steps to rectify such breach. |
| (2) | Where a breach as set out in paragraph 23(1) is not rectified within 30 days of the date on which it occurred, the manager must submit a detailed plan of rectification to the registrar. |