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 ll : Money Market Portfolio7. Reduction of participatory interests |
| (1) | For the purposes of this paragraph, a "reduction in value" occurs where a loss on a sale or a default of a money market instrument results in a loss greater than the income accrued in the portfolio in an accounting period. |
| (2) | Within 21 days after any reduction in value, a manager must, provide the registrar and every investor in the portfolio details of the reduction, in writing. |
| (3) | A reduction in value must be reflected in the accounts and returns to be kept and rendered to the registrar by the manager in terms of section 90(1) of the Act. |
| (4) | The auditor of a manager must, where there is a reduction, provide the registrar on a quarterly basis with details of the reduction. |