Funds
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A Fund is a structure whose activities involve the investment of funds in a portfolio of securities and whose operation is based on the principle of diversification of risk The Securities Act 2005 broadly provides for two categories of Funds: Open-ended Fund, also known as a Collective Investment Scheme (‘CIS’) and Close-ended Fund, commonly known as the Private Equity (PE) Fund.
Collective Investment Schemes (‘CIS’)
A Collective Investment Scheme means a scheme constituted as a company, a trust, or any other legal entity prescribed or approved by the FSC
- Whose sole purpose is the collective investment of funds in a portfolio of securities, or other financial assets, real property or non-financial assets as may be approved by the Commission
- Whose operation is based on the principle of diversification of risk
- That has the obligation, on request of the holder of the securities, to redeem them at their net assets value, less commission or fees
- Where the participants do not have a day-to-day control over the management of the property, whether or not they have the right to be consulted or to give directions in respect of such management
Category of CIS
Key features/benefits
Retail CIS
- • Targets retail investors
- • No minimum investment
Professional CIS
- • For private placement
- • Exempt from most ongoing obligations provided that the shares acquired are not resold to the public and is not listed for trading on a securities exchange
Specialised CIS
- • For investments in real estate, derivatives, commodities or any other product authorised by the Commission
Expert fund CIS
- • For expert investors
- • Minimum initial investment of USD 100,000
- • Exempted from certain obligations under the CIS Regulations subject to authorisation from the FSC
Closed End Funds
- • A closed end fund is principally characterised by the fact that the investors do not have control on exiting the fund