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Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)

Board Notices

Determination of Securities, Class of Securities, Assets or Classes of Assets that may be included in a portfolio of a Collective Investment Scheme in Securities and the manner in which and the limits and conditions subject to which Securities or Assets may be so included

Chapter Vll : General

23. Consequences of repurchases

 

(1) Where non-compliance with a condition, limit or requirement set in this Notice occurs because the manager has met its obligation to satisfy offers to repurchase participatory interests, the manager:
(a) where a limit determined in this Notice is exceeded, may not for as long as such breach continues, purchase any further securities or instruments issued by that entity; or
(b) where certain assets are not maintained in a portfolio as required by paragraphs 16,17 and 19 of this Notice, must take immediate steps to rectify such breach.

 

(2) Where a breach as set out in paragraph 23(1) is not rectified within 30 days of the date on which it occurred, the manager must submit a detailed plan of rectification to the registrar.