Section 30: Regulations

30. Regulations (1) The Minister may— (a) make such regulations as he thinks fit for the purposes of this Act; and (b) by regulations, amend the Schedule. (2) Any regulations made under subsection (1) may— (a) provide for the taking of fees and levying of charges; (b) make provision for the sound management of a protected cell company; (c) impose such reporting obligations as the Minister may determine, including a report in respect of the liquidity analysis and the profit and loss statement of a protected cell company; and (d) provide that any person who contravenes them shall commit an offence and shall, on conviction, be liable to a fine not exceeding 5,000 rupees and to imprisonment for a term not exceeding one year. 31. — SCHEDULE [Section 4] GLOBAL BUSINESS PERMISSIBLE ACTIVITIES BY PROTECTED CELL COMPANIES Activities Descriptions Asset holding Holding and managing assets or portfolios of assets in different cells for such class of beneficial owners, high net worth individuals and institutional investors as may be defined by the Commission Restriction: Subject to Category 1 Global Business Licence issued under the Financial Services Act Structured finance businesses Businesses established principally for the purpose of issuing bonds, notes or loans or other debt securities or instruments, secured or unsecured, in respect of which the repayment of capital and interest is to be funded from the proceeds of the company’s investments, including, without limitation, debt or equity securities, royalties, income flows, derivatives, interest rate, currency or other swaps, or any other credit enhancement arrangements or financial assets Restriction: Subject to Category 1 Global Business Licence issued under the Financial Services Act P42 – 19 [Issue 6] Protected Cell Companies Act SCHEDULE—continued Activities Descriptions Collective investment schemes A company, whether close ended or open ended, and close ended funds whose business consists of investing its funds principally in securities with the aim of spreading investment risks and giving members of the company the benefit of the profits, income, returns or payments arising from the management of its funds by or on behalf of that company; and under which— (a) the participants do not have day to day control over the management of the property, whether or not they have the right to be consulted or to give directions in respect of such management; (b) the property is managed by the company or on behalf of the company by an investment manager; and (c) under which arrangement, the contributions of the participants and the profits and income from which payments are to be made to them are pooled Restriction: Subject to a Category 1 Global Business Licence issued under the Financial Services Act Specialised collective invest- Collective investment schemes and close ended ment schemes and close ended funds investing in such specialised financial profunds ducts, or assets other than securities, as may be specified by the Commission Restriction: Subject to a Category 1 Global Business Licence issued under the Financial Services Act Insurance business Corporation engaged in insurance business, including external insurance business and captive insurance business under the Insurance Act Restriction: Subject to a Category 1 Global Business Licence issued under the Financial Services Act and to a licence issued under the Insurance Act External pension scheme Corporation holding a Category 1 Global Bus specified by the Commission Restriction: Subject to a Category 1 Global Business Licence issued under the Financial Services Act Insurance business Corporation engaged in insurance business, including external insurance business and captive insurance business under the Insurance Act Restriction: Subject to a Category 1 Global Business Licence issued under the Financial Services Act and to a licence issued under the Insurance Act External pension scheme Corporation holding a Category 1 Global Business Licence operating an external pension scheme under the Private Pension Schemes Act Restriction: Subject to an external pension scheme licence issued under section 12 of the Private Pension Schemes Act [Sch. repealed and replaced by s. 46 (8) (f) of Act 13 of 2001 w.e.f. 1 December 2001; amended by s. 362 (3) (f) of 15 of 2001 w.e.f. 1 December 2001; repealed and replaced by GN 116 of 2005; repealed and replaced by s. 132 (3) (d) of Act 21 of 2005 w.e.f. 28 September 2007; amended by s. 97 (8) (e) of Act 14 of 2007; s. 57 (4) of Act 15 of 2012 w.e.f. 1 November 2012; GN 207 of 2013 w.e.f. 31 August 2013.] [Issue 6] P42 – 20