Regulatory Alerts2018-01-01
Mutual Fund and Hedge Fund (Amendment) Act 2018
President Danny Faure and the National Assembly enacted this amendment to section 32 of the Mutual Fund and Hedge Fund Act (Cap 285). The legislation restricts a Business Tax Act concession by requiring licensed fund administrators to meet prescribed substantial activity conditions. The amended provisions officially commenced on 1 January 2019, directly altering tax eligibility and compliance obligations for the sector.
[20th December 2018] Supplement to Official Gazette 215
[Coat of Arms]
MUTUAL FUND AND HEDGE FUND (AMENDMENT) ACT, 2018
(Act 19 of 2018)
I assent
[Signature]
Danny Faure President
19th December, 2018
AN ACT to amend the Mutual Fund and Hedge Fund Act (Cap 285).
ENACTED by the President and the National Assembly.
1. This Act may be cited as Mutual Fund and Hedge Fund (Amendment) Act, 2018 and shall come into operation on 1st January, 2019.
Short title and commencement
216 Supplement to Official Gazette [20th December 2018]
Amendment of Cap 285
2. The Mutual Fund and Hedge Fund Act is hereby amended in section 32 as follows—
(a) by inserting in subsection (1), after the words "subsection (2)", the words "and subsection (3)";
(b) by repealing subsection (3) and substituting therefor the following subsection
"(3) The concession relating to the Business Tax Act specified in Schedule 10 shall only apply if the licensed fund administrator meets the substantial activity requirements as may be prescribed.".
I certify that this is a correct copy of the Bill which was passed by the National Assembly on 6th December, 2018.
[Signature]
Mrs. Tania Isaac Deputy Clerk to the National Assembly