Regulatory Alerts2019-12-24
SEC Extension of Deadline for Appointment of New Fund Managers for Revoked Licensees
The Securities and Exchange Commission extends the deadline for appointing new fund managers to 10th January 2020 for 18 collective investment schemes whose managers had their licenses revoked. This extension responds to requests from affected boards and trustees, following the successful appointment of new managers for two specific funds. Directors and trustees of the remaining affected schemes are directed to ensure compliance with this new deadline.
‘Ensuring Investor Protection’ SECURITIES AND EXCHANGE COMMISSION TO ALL DIRECTORS OF MUTUAL FUNDS AND TRUSTEES OF UNIT TRUSTS MANAGED BY FUND MANAGEMENT COMPANIES WHOSE LICENCES HAVE BEEN REVOKED SEC/PN/018/12/2019 In accordance with section 88 (6) of the Securities Industry Act, 2019 (Act 929), Boards of Directors (for Mutual Funds) and Trustees (for Unit Trusts) of the 18 Collective Investment Schemes (CIS) whose Managers have had their licences revoked were directed by the Securities and Exchange Commission on 15th November, 2019 to appoint new Fund Managers for the management of the CIS. As at the date of this circular, the Directors of two Mutual Funds have successfully appointed two Fund Managers as follows:
- Linx Capital Limited replaces Intermarket Asset Management Limited (formerly CDH Asset Management Limited) as Fund Manager of CDH Balanced Fund Limited.
- Waica Re Capital Limited replaces Sirius Capital Limited as Fund Manager of Sirius Opportunity Fund Limited. In view of requests received by the Commission from some Boards and Trustees, the SEC hereby extends the deadline for the appointment of the new Fund Managers for the affected CIS to 10th January, 2020. All Directors and Trustees of the affected CIS should ensure that they comply with the new deadline. BY ORDER OF SECURITIES AND EXCHANGE COMMISSION DATED THE 23RD DECEMBER, 2019
APPENDIX A – LIST OF AFFECTED COLLECTIVE INVESTMENT SCHEMES NO. NAME OF FUND MANAGER MUTUAL FUND UNIT TRUST 1 All Time Capital Limited All-Time Bond Fund Limited 2 Blackshield Capital Management Limited (formerly Gold Coast Fund Management Limited) Gold Money Market Fund Limited Gold Fund Unit Trust 3 EM Capital Limited EM balanced Unit Trust 4 FirstBanc Financial Services Limited First Fund Limited 5 FirstBanc Financial Services Limited FirstBanc Heritage Fund Limited 6 Galaxy Capital Limited Galaxy Money Market Fund Limited 7 Galaxy Capital Limited Galaxy Balanced Fund Limited 8 Ideal Capital Partners Limited Ideal Sika Fund Limited 9 Liberty Asset Management Limited Freedom Fund Unit Trust 10 McOttley Capital Limited McTrust Unit Trust 11 Nordea Capital Limited Nordea Income Fund Limited 12 Omega Capital Limited Omega Equity Fund Limited 13 Omega Capital Limited Omega Income Fund Limited 14 Unisecurities Limited Unisecurities Unit Trust 15 Weston Capital Limited Weston Oil and Gas Fund Limited