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L.I. 1695
UNIT TRUST AND MUTUAL FUNDS REGULATIONS, 2001

In the exercise of the powers conferred on the Minister for Finance by Section 141 of the Securities Industry Law 1993 (P.N.D.C.L. 333) as amended and on the recommendations of the Securities and Exchange Commission these Regulations are made this 2nd day of November, 2001.

ARRANGEMENT OF REGULATIONS

PART I - SCOPE OF REGULATIONS AND APPLICATION TO OPERATE A UNIT TRUST OR MUTUAL FUND SCHEME

1. Scope of application of Regulations
2. Application to operate a unit trust or mutual fund
3. Application fee and annual fees
4. Rejection of and consequences of a failure to take steps on an application
5. Capital requirements
6. Power to require removal of a manager, trustee or custodian
7. Minimum subscription requirement for issue of license

PART II - CONSTITUTION OF UNIT TRUST AND MUTUAL FUND SCHEMES
8. Trust deed of a unit trust
9. Regulations of a mutual fund

PART III - SCHEME PARTICULARS
10. Sale of interests in a scheme and scheme particulars
11. Liability for scheme particulars
12. Advertisements
13. Warning statement
14. Investment plans
15. Publication of prices

PART IV - PRICING, VALUATION AND DEALING
16. Creation and issue of interests
17. Preliminary charges and exit fees
18. Initial issue of interests
19. Issues at fixed prices
20. Closure of an offer
21. Valuation and pricing
22. Valuation of unquoted securities
23. The pricing of subsequent issues
24. Adjustment to issue price
25. Suspension in dealings
26. Redemption as applicable to open end schemes
27. Redemption in excess
28. Purchase of own shares as applicable to closed end mutual funds
29. Dealing
30. Interests as consideration for the acquisition and investment
31. Exchange of interests
32. Sub-division and consolidation of interests
33. Transfer of interests
34. Transmission of interests

PART V - INVESTMENTS OF A SCHEME
35. Investment objectives
36. Exceeding of investment limits
38. Application of cash
38. Investment in other schemes
39. Restriction on investments

PART VI - DISTRIBUTIONS
40. Income accounts
41. Deductions from and additions to income account
42. Distribution from income
43. Distribution from capital
44. Distribution account
45. Auditors statement on distribution
46. Declaration of a distribution

PART VII - ACCOUNTS AND AUDIT
47. Accounts.
48. Audit

PART VIII - REPORTS TO INVESTORS
49. Annual and half-yearly investors' reports
50. Availability of investors' reports
51. Trustee's or custodian's report
52. Statement regarding re-investment of distributions
53. Register of investors
54. Where register is to be kept
55. Right to inspect
56. Availability to the public
57. Closure of the register

PART IX- PROVISIONS PERTAINING TO THE MANAGER AND MANAGEMENT OF A SCHEME
58. Qualifications of officers of the manager of a scheme.
59. Manager's remuneration
60. Supervision and compliance procedures of the manager
61. Management of other schemes and portfolios
62. Manager as holder
63. Manager's own account transactions
64. Record of Securities or Interests
65. Submission of information by the manager
66. Delegation by the manager
67. Dealings between the manager, trustee and board of directors of a mutual fund and the scheme
68. Transaction that needs special approval

PART X - ADMINISTRATION OF THE SCHEME AND THE ASSETS OF THE SCHEME
69. Inclusion in and custody of the assets of the scheme
70. Registration of transfers
71. Voting rights and corporate actions accruing to the assets of the scheme
72. Payments from the assets of the scheme
73. Payments
74. Tax certification
75. Participating in and defending actions
76. Borrowing powers

PART XI - MATTERS RELATING TO INVESTORS AND MEETINGS OF INVESTORS
77. Inspection of records
78. Enquiries by investors
79. Complaints procedure
80. Meetings, attendance and voting
81. Powers of a meeting of investors
82. Notice of meetings
83. Quorum
84. Chairperson
85. Votes at meetings
86. Minutes
87. Commission representation at investors' meetings
88. Commission requisition of investors' meeting

PART XII - POWERS OF THE COMMISSION
89. Power to issue directives
90. Power to call for information
91. Power to issue notices

PART XIII - MISCELLANEOUS PROVISIONS
92. Certificates
93. Inclusion of performance data
94. Preservation of documents and records
95. Annual reports of managers, trustees and custodians
96. Use of registration number
97. Notices
98. Secrecy
99. Trustee and custodians to act for multiple schemes
100. Offences and penalties
101. Interpretation

SCHEDULES
Schedule 1 - Form of trust Deed
Schedule 2 - Particulars of a Trust Deed
Schedule 3 - Regulations of an open end mutual fund company
Schedule 4 - Regulations of a closed end mutual fund company
Schedule 5- Particulars to be provided in the regulation of an openend mutual fund company
Schedule 6 - Particulars to be provided in the regulation of a closed end mutual fund scheme
Schedule 7 - Information to be contained in scheme particulars
Schedule 8 - Investors' reports (including accounts)
Schedule 9 - Form of Guarantee for minimum subscription
Schedule 10 - Application for a license to operate a unit trust/mutual fund under the Securities Industry Law, 1993 (P.N.D.C.L. 333)
Schedule 11 - Fees