2003   No. 42.

THE CAPITAL MARKETS (FUND MANAGERS) REGULATIONS, 2004.

ARRANGEMENT OF REGULATIONS.

Regulation.

Part I—Preliminary.

1.                      Citation.

2.                       Application.

3.                       Interpretation.

Part II—Financial requirements and Records of Business.

4.                       Financial requirements

5.                       Records to be maintained and preserved.

6.                       Reporting obligations.

Part III—Conduct of Fund Management Business.

7.                       Conduct of fund management business.

8.                       Custodian of inve stment funds.

9.                       Duties of a custodian.

10.                      Retirement of a custodian.

11.                      Removal of a custodian.

SCHEDULES.

FIRST SCHEDULE—Contents of Financial Statements to be submitted by Fund Managers. SECOND SCHEDULE—Form of a Fund Management Contract.

2004                                  No. 42.

The Capital Markets (Fund Managers) Regulations, 2004.

(Under section 101 of the Capital Markets Authority Act, Cap. 84)

In exercise of the powers conferred on the Capital Markets Authority by section 101 of the Capital Markets Authority Act, these Regulations are made this 13th day of May, 2004.

Part I—Preliminary.

1.           Citation

These Regulations may be cited as the Capital Markets (Fund Managers) Regulations, 2004.

2.           Application

These Regulations apply to fund managers licensed under the Capital Markets Authority Act and who are permitted by the Authority, as part of their business, under a contract or arrangement with a client to undertake on behalf of the client, whether on a discretionary authority granted by the client or otherwise, the management of a portfolio of securities for the purpose of investment.

3.           Interpretation

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

“Act” means the Capital Markets Authority Act, Cap. 84;

“financial year” means the period of twelve months from January to December, unless otherwise approved by the Authority upon the application of the fund manager;

“fund manager” means an i nvestment adviser 1 icensed under the Act that i s permitted by the Authority, as part of its business under a contract or arrangement with a client to undertake on behalf of the client, whether on a discretionary authority granted by the client or otherwise, the management of a portfolio of securities for the purpose of investment; “management of a portfolio for the purposes of i