Section 97: Authorisation of collective investment schemes and closed-end funds
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
97. Authorisation of collective investment schemes and closed-end funds
(1) No person shall promote or operate a collective investment scheme or
any closed-end fund which is not authorised or recognised by the Commission.
(2) The assets of the collective investment scheme shall not be held for
safekeeping by a person other than a person licensed as a custodian and
who shall be independent from the CIS manager.
(3) The authorisation of a collective investment scheme or of a closedend fund may be subject to such conditions as may be prescribed.
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Revised Laws of Mauritius
(4) Without prejudice to subsection (3), the Commission may make
FSC Rules in relation to the categorisation of schemes for the purposes of
this Act and regulations made under this Act.
(5) Where the Commission is satisfied that a collective investment
scheme or closed-end fund meets the requirements prescribed or specified in
FSC Rules, as may be applicable, it shall grant the authorisation.
(6) An authorisation given by the Commission in accordance with this
Act shall not be interpreted as an undertaking as to the merits of a scheme.
(7) A closed-end fund shall comply with such other requirements as may
be prescribed.
[S. 97 amended by s. 27 of Act 15 of 2007 w.e.f. 28 September 2007.]