INVESTMENT SERVICES ACT (RECOGNITION OF
PRIVATE COLLECTIVE INVESTMENT SCHEMES) [ S.L.370.06 1
SUBSIDIARY LEGISLATION 370.06
INVESTMENT SERVICES ACT
(RECOGNITION OF PRIVATE COLLECTIVE 
INVESTMENT SCHEMES) REGULATIONS
2nd December, 2002
LEGAL NOTICE 353 of 2002, as amended by Legal Notice 190 of 2003.
Citation.
Act (Recognition of Private Collective Investment Schemes)
Regulations.
Recognition of 
private collective 
investment 
schemes.
2. A collective investment scheme which limits the total
number of participants to fifteen persons and where the competent
authority is satisfied that -
(i) the participants are close friends or relatives of
the promoters;
(ii) that the scheme is essentially private in nature
and purpose; and
(iii) the scheme does not qualify as a professional
investor fund in terms of guidelines issued for
this purpose by the competent authority,
Cap. 370.
shall not be subject to a licence in terms of article 4 of the
Investment Services Act, hereinafter referred to as "the Act", but
shall be subject to recognition by the competent authority under
these regulations:
Provided that one of the participants may be a body
corporate, subject to such restrictions, requirements and conditions
as laid down in guidelines issued by the competent authority in
terms of article 6 of the Act.
Recognition in 
writing.
S.L. 370.03
3. The provisions of regulation 2 shall not be automatically
operative but their applicability shall be subject to a recognition in
writing by the competent authority. A fee shall be payable in
respect of every application for a recognition as aforesaid and
thereafter annually in terms of the Investment Services Act
(Licence and Other Fees) Regulations.
Guidelines.
guidelines to further regulate the recognition of private collective
investment schemes which may include requirements relating to the
submission of such information, confirmations and documentation
as may be established.
Income Tax Act.
Cap. 123.
5. Any recognition granted in terms of these regulations shall
not be deemed to be a licence for the purpose of articles 2 and 12 of
the Income Tax Act.
2 [ S.L.370.06
INVESTMENT SERVICES ACT (RECOGNITION OF
PRIVATE COLLECTIVE INVESTMENT SCHEMES)
Transitory 
provision.
Amended by:
L.N. 190 of 2003.
S.L. 370.02
6. A collective investment which was exempt for the purposes
of the requirement for a licence under the Act in terms of regulation
4( c ) of the Investment Services Act (Exemption) Regulations as in
force immediately prior to the coming onto force of these
regulations, shall comply with these regulations by not later than
the 31st August, 2003.
