Regulatory Alerts2018-03-26
Notice 96 of 2005: Exemption of Property Collective Investment Scheme Managers from Net Asset Value Pricing Restrictions
The Financial Services Board has exempted managers of property collective investment schemes from the pricing restrictions in section 94(1)(a) of the Collective Investment Schemes Control Act, 2002. This regulatory change permits these managers to sell participatory interests at prices exceeding the net asset value of those interests. The exemption was formally granted by the Registrar of Collective Investment Schemes under section 22(a) of the Act to facilitate specific property scheme operations.
BOARD NOTICE 96 OF 2005 FINANCIAL SERVICES BOARD COLLECTIVE INVESTMENT SCHEMES CONTROL ACT, 2002 EXEMPTION OF MANAGER OF COLLECTIVE INVESTMENT SCHEME IN PROPERTY FROM PART OF SECTION 94 (1)(a) OF COLLECTIVE INVESTMENT SCHEMES CONTROL ACT, 2002 Under section 22(a) of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002) (“the Act”), I, Robert James Gourlay Barrow, Registrar of Collective Investment Schemes, hereby exempt a manager administering a collective investment scheme in property under the Act, from the prohibition in section 94(1)(a) of the Act to sell any participatory interest at a price that exceeds the net asset value of that participatory interest. RJG BARROW REGISTRAR OF COLLECTIVE INVESTMENT SCHEMES
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