THE COLLECTIVE INVESTMENT SCHEMES (FINANCIAL AND ACCOUNTING) REGULATIONS, 2003.

ARRANGEMENT OF REGULATIONS.

Regulation

Part I—Preliminary.

1.                   Citation.

2.                    Interpretation.

3.                   Application.

Part II—Financial Resource Requirements.

4.                    Obligations of manager and ACD.

5.                   Net capital requirement.

6.                   Liquid assets requirement.

7.                   Exemptions.

Part III—Accounting Records.

8 Records and reporting.

9.                     Licensed person’s own account transactions.

10.                     Customer’s accounting records.

11.                     Retention of accounting records.

Part IV-Financial Returns.

12.                     Annual, quarterly and monthly returns.

13.                     Period of returns.

14.                     Licensed person's financial year.

15.                     International financial reporting standards.

16.                     Value of investments in subsidiaries.

17.                     Statements not to be misleading.

Part V —Controls and Systems Requirements.

18.                     Adequacy of controls and systems.

19.                     Validity of system.

20.                      Use of permitted third parties.

Part VI—Audit Requirements.

21.        Audit arrangements.

22.        Content of audit report.

23.        Second audit.

Part VII—Notification Events.

24.        Obligation to notify the Authority in certain cases.

Part VIII—Non-Compliance.

25.        Non-compliance.

SCHEDULES.

Schedule 1 Capital requirements.

Schedule 2 Auditor's report.

Schedule 3 Notification events.

The Collective Investment Schemes (Financial and Accounting) Regulations, 2003.

(Under sections 30, 31 and 84 of the Collective Investment Schemes Act, Act No. 4 of2003.)

In exercise of the powers conferred upon the Capital Markets Authority by sections 30, 31 and 84 of the Collective Investment Schemes Act, 2003, these Regulations are made this 19th day of November, 2003.

Part I—Preliminary.

1.           Citation

These Regulations may be cited as the Collective Investment Schemes (Financial and Accounting) Regulations, 2003.

2.            Interpretation

(a)            In these Regulations, unless the context otherwise requires—

“Act” means the Collective Investment Schemes Act, 2003;

“permitted third party” or