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2020-12-29

Collective Investment Schemes (Fees) (Amendment) Rules, 2019

The Zimbabwean Minister of Finance and Economic Development, acting on the Securities and Exchange Commission’s proposal, has amended the 2017 Collective Investment Schemes (Fees) Rules to establish updated fee schedules for scheme registrations and licensing. The revised rules mandate ZWL$5,000 application and ZWL$3,000 annual fees for internal, external, and professional schemes, alongside ZWL100,000 application and ZWL30,000 annual licensing fees for trustees and managers. Additionally, the instrument imposes a ZWL$5,000 fee for miscellaneous scheme approvals and enforces a daily ZWL$500.00 penalty for late return submissions, capping at thirty days before potential scheme cancellation.

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S. I. 268 of 2019 1632 Supplement to the Zimbabwean Government Gazette dated the 20th December, 2019. Printed by the Government Printer, Harare. S. I. 268 of 2019 1629 Statutory Instrument 268 of 2019. [CAP. 24:25 [CAP. 24:19 Collective Investment Schemes (Fees) (Amendment) Rules, 2019 (No. 1) IT is hereby notifi ed that the Minister of Finance and Economic Development has, in terms of section 118(6) of the Securities and Exchange Act [Chapter 24:25] as read with section 42 of the Collective Investment Schemes Act [Chapter 24:19], approved the following rules made by the Securities and Exchange Commission:—

  1. These rules may be cited as the Collective Investment Schemes (Fees) (Amendment) Rules, 2019 (No. 1).
  2. The Collective Investment Schemes (Fees) Rules, 2017, published in Statutory Instrument 106 of 2017, are amended by the repeal of sections 2 to 7 and the substitution of the following— “Internal scheme registration fees
  3. (1) In respect of each application for the registration of an internal scheme in terms of section 4 of the Collective Investment Schemes (Internal Schemes) Rules, 1998, there shall be payable to the Commission, at the time of making the application, a fee of ZWL$5,000. (2) In respect of each internal scheme registered in terms of subsection (1) the manager shall pay to the Commission on or before every anniversary of the registration of the scheme concerned, a fee of ZWL$3,000. External scheme registration fees
  4. (1) In respect of each application for the registration of an external scheme in terms of sections 19 to 22 of the Collective Investment Schemes Act [Chapter 24:19], there shall be payable to the Commission, at the time of making the application, a fee of ZWL$5,000. (2) In respect of each external scheme registered in

Collective Investment Schemes (Fees) (Amendment) Rules, 2019 (No. 1) 1630 terms of sections 19 to 22 of the Collective Investment Schemes Act [Chapter 24:19] the manager shall pay to the Commission on or before every anniversary of the registration of the scheme concerned, a fee of ZWL$3,000. Trustee and manager licensing fees 4. (1) In respect of each application for a licence in terms of section 6 of the Collective Investment Schemes (Internal Schemes), Rules, 1998, to act as a trustee or manager of an internal scheme, there shall be payable to the Commission, at the time of making the application, a fee of ZWL$100,000,00. (2) There shall be payable to the Commission on or before every anniversary of the grant of a licence in terms of subsection (1), a fee of ZWL$30,000. Professional scheme registration fees 5. (1) In respect of each application for the registration of a professional scheme in terms of section 3 of the Collective Investment Schemes (Professional Schemes) Rules, 1998, there shall be payable to the Commission, at the time of making the application, a fee of ZWL$5,000. (2) In respect of each professional scheme registered in terms of subsection (1) the promoter or manager shall pay to the Commission on or before every anniversary of the registration of the scheme concerned, a fee of ZWL$3,000. Miscellaneous fee 6. (1) On each application for approval by the Commission of — (a) a supplemental deed in terms of section 9 of the Collective Investment Scheme (Internal Schemes) Rules, 1998; (b) the retirement or resignation of a manager or trustee of an internal scheme in terms of section 17 of the S. I. 268 of 2019 1631 Collective Investment Schemes Act [Chapter 24:19]; (c) the amalgamation of one internal scheme with another internal scheme; (d) a proposal to convene a meeting of participants other than a meeting convened for the purpose of approving a matter referred to in the foregoing paragraphs; the manager or in the case of an amalgamation of internal schemes, the manager of the continuing scheme shall pay to the Commission, a fee of ZWL$5,000. Fee for late submission of returns 7. The manager of an internal scheme or promoter or manager of a professional scheme who fails, within the prescribed time, to furnish to the Commission the returns referred to in section 10 of the Collective Investment Scheme (|Internal Scheme) Rules, 1998, or section 9 of the Collective Investment Scheme (Professional Schemes) Rules,1998, as the case may be, shall be liable to pay to the Commission a fee of ZWL$500.00, for each day that the promoter or manager continues to be in default up to a maximum of thirty days, after which the registration of the scheme concerned may be cancelled in terms of section 8 of the Collective Investment Scheme Act [Chapter 24:19].”.

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