Section 99: CIS administrators

99. CIS administrators (1) No person shall, by way of business, provide administration services to a collective investment scheme unless the CIS manager or the collective investment scheme, as the case may be, seeks the prior approval of the Commission. (2) The Commission shall not approve a person under subsection (1) unless— (a) the person is a body corporate and meets the requirements in relation to CIS administrators as may be prescribed or specified in FSC Rules; and (b) the Commission is satisfied that the person, and each of its officers are fit and proper persons. S7 – 37 [Issue 1] Securities Act (3) For the purposes of this Part— (a) “administration services” means services with respect to the operations and administrative affairs of a collective investment scheme including— (i) accounting, valuation or reporting services; or (ii) the provision of the principal office of a collective investment scheme; but (b) does not include— (i) the provision of a registered office to a collective investment scheme where the usual corporate, secretarial and related services are provided; (ii) the maintenance of any register of shareholders or participants or the registration and payment of fees; and (iii) the provision of investment advice or investment management or trading execution services.