Section 123
( 1)
of Securities Markets Regulations, 2015
This Chapter applies to an operator and a trustee of a collective investment scheme.
(2)
An operator of a collective investment scheme must not make any charge or levy in connection with the issue or sale of units except in accordance with the consti~ution and prospectus.
(3)
The operator of a collective investment scheme must not make any preliminary or redemption charge unless -
(a)
it is permitted by the constitution and specified in the prospectus;
and
(b)
it is expressed either as a fixed amount or calculated as a percentage of the price of a unit.
(4)
The preliminary charge must not exceed the amount or rate stated in the current prospectus in respect of any class of units.
(5)
No payment may be made, or no benefit may be given, to the operator out of the collective investment scheme property whether by way of remuneration for its services, reimbursement of expenses or otherwise, unless it is permitted by the constitution, and the prospectus specifies how it will be calculated, accrued, when it will be paid and the maximum and current rates or amount of such remuneration.
(6)
The operator of a collective investment scheme must give not less than 90 days written notice of any increase proposed permitted by the constitution and specified in the prospectus.
(7)
An operator of a collective investment scheme must not introduce a new category of remuneration for its services or make any increase in the current 261
BRUNEI DARUSSALAM GOVERNMENT GAZETTE rate or amount of its remuneration payable out of the collective investment scheme property unless -
(a}
the operator has given not less than 90 days written notice of that introduction or increase and of the date of its commencement to the unit holders and to the persons providing oversight of the collective investment scheme; and
(b)
the unit holders approve such new category by special resolution.
Remuneration and reimbursement of expenses.