INVESTMENT COMPANIES WITH VARIABLE SHARE CAPITAL AS RETIREMENT SCHEMES OR RETIREMENT FUNDS REGULATIONS

INVESTMENT COMPANIES WITH VARIABLE SHARE

CAPITAL AS RETIREMENT SCHEMES OR RETIREMENT FUNDS

SUBSIDIARY LEGISLATION 386.09

INVESTMENT COMPANIES WITH VARIABLE

SHARE CAPITAL AS RETIREMENT SCHEMES OR

RETIREMENT FUNDS REGULATIONS

1st January, 2015 *

LEGAL NOTICE 12 of 2015.

The title of these regulations is the Companies Act

(Investment Companies with Variable Share Capital as Retirement

Schemes or Retirement Funds) Regulations.

The provisions of the Companies Act (Investment

Companies with Variable Share Capital) Regulations, hereinafter

referred to as ''the principal regulations'', shall apply mutatis

mutandis to investment companies with variable share capital

established for the purpose of acting and operating as retirement

schemes or retirement funds within the meaning of article 2 of the

Retirement Pensions Act, subject to the following exceptions and

qualifications

(a) references to ''the competent authority'' shall be

deemed to be references to the competent authority

under the Retirement Pensions Act;

(b) references to ''SICAV'' shall be deemed to be

references to an investment company with variable

share capital duly licensed as a retirement scheme or

retirement fund in terms of the Retirement Pensions

Act;

(c) with reference to sub-regulation (1) of regulation 9 of

the principal regulations, and notwithstanding the

provisions thereof, a multi fund company duly

licensed as a retirement scheme or retirement fund in

terms of the Retirement Pensions Act, shall keep the

assets and liabilities of each sub-fund comprised in

that company as a patrimony separate from the assets

and liabilities of each other sub-fund of such company,

and the provisions of the said regulation shall be

construed and applied accordingly, and references in

sub-regulation (1) of regulation 9 of the principal

regulations, to the terms ''may'', ''elect'' and ''election''

shall for these purposes be construed as referring to a

mandatory requirement;

(d) with reference to sub-regulation (3) of regulation 9 of

the principal regulations, and notwithstanding the

provisions thereof, a multi fund company duly

licensed as a retirement scheme or retirement fund in

terms of the Retirement Pensions Act, shall provide in

*see regulation 1(2) of these Regulations, as originally promulgated.

INVESTMENT COMPANIES WITH VARIABLE SHARE

CAPITAL AS RETIREMENT SCHEMES OR RETIREMENT FUNDS

its memorandum that the actual value of the paid up

share capital of any sub-fund shall be at all times equal

to the value of the assets of any kind of the particular

sub-fund after the deduction of such sub-fund’s

liabilities, and the provisions of the said regulation

shall be construed and applied accordingly, and

references in sub-regulation (3) of regulation 9 of the

principal regulations to the term ''elects'' shall for these

purposes be construed as referring to a mandatory

requirement;

(e) sub-regulation (1) of regulation 10 of the principal

regulations shall be read as if for the words therein

''other than SICAVs licensed by the competent

authority either as Professional Investor Funds or as

UCITS within the meaning of the UCITS Directive''

have been deleted;

(f)

sub-regulation (2) of regulation 10 of the principal

regulations shall not apply; and

(g) regulation 12 of the principal regulations shall be

construed to read ''For the better carrying out of the

provisions of these regulations, the competent

authority may issue Pension Rules in terms of sub-

article (4) of article 37 of the Retirement Pensions Act.

Shares in an investment company with variable share

capital duly licensed as a retirement scheme or a retirement fund in

terms of the Retirement Pensions Act shall not give right to a

distribution, other than in accordance with regulations and

Pensions Rules, relating to the distribution of assets by retirement

schemes or retirement funds, issued in terms of the Retirement

Pensions Act.