Section 104
{1)
of Securities Markets Regulations, 2015
An operator of a collective investment scheme must make and retain accounting and other records that are necessary -
(a)
to enable it to comply with these Regulations; and
{b)
to demonstrate such compliance to the Authority.
(2)
An operator of a collective investment scheme must make and retain for a period of 7 years a record of the units held, acquired or disposed of, by it, including the classes of such units and a record of the balance of any acquisitions and disposals of units.
(3)
An operator of a collective investment scheme must make the records available for inspection by the Authority and, if applicable, the custodian appointed by the trustee, free of charge at all times during normal office hours and must supply a copy of the records or any part of the records to the Authority.
(4)
Excep.t when the policy of an operator stated in the prospectus is neither to require a dilution levy nor to make a dilution adjustment, it must make and retain for a period of 7 years from the date each record is made on
(a)
how it calculates and estimates dilution; and
(b)
its policy and method for determining the amount of any dilution levy or dilution adjustment.
{5)
In this regulat-ion
"dealing costs" include both the costs of dealing in an investment, professional fees incurred or expected to be incurred, in relation to the acquisition or disposal of real property and, where there is a spread between the buying and selling prices of the investment, the indirect cost resulting from the differences between those prices;
"dilution levy" means, a charge of such amount or at such rate as is determined by an operator of a collective investment scheme to be made for the purpose of reducing the effect of dilution, that is, the amount of dealing costs incurred, or expected to be incurred, by an operator to the extent that these costs may reasonably be expected to result, or have resulted from the acquisition or disposal of investments by the operator as a consequence (whether or not immediate) of the increase or decrease in the cash resources of the collective investment scheme resulting from the issue or cancellation of units over a period.
249
Capital.