Section 199
of Securities Markets Regulations, 2015
Section 199
(2)
If, for the purposes of a transfer collective investment scheme, it is proposed that the property of a collective investment scheme should become the property of another collective investment scheme or the property of a sub-collective investment scheme of an umbrella collective investment scheme, the proposal must not be implemented without the sanction of a special resolution of the unit holders in the collective investment scheme, unless sub-regulation (3)
applies.
(3)
If, for the purposes of a transfer collective investment scheme, it is proposed that collective investment scheme property attributable to a sub-collective investment scheme of an umbrella collective investment scheme should become the property of another collective investment scheme or of another sub-collective investment scheme of a collective investment scheme, whether or not of that umbrella collective investment scheme, the proposal must not be implemented without the sanction of -
{a} a special resolution of the unit holders in the sub-collective investment scheme of that umbrella collective investment scheme; and
{b) a special resolution of the unit holders of units in that umbrella collective investment scheme, unless implementation of the transfer collective investment scheme is not likely to result in any material prejudice 318
12th.
2015
to the interests of the unit holders in any other sub-collective investment scheme of that umbrella collective investment scheme.
(4)
If it is proposed that a collective investment scheme or a sub-collective investment scheme of an umbrella collective investment scheme should receive property, other than its first property, as a result of a transfer collective investment scheme, or an arrangement equivalent to a collective investment scheme arrangement, which is entered into by some other collective investment scheme or sub-collective investment scheme, or by a body corporate, the proposal must not be implemented without the sanction of -
(a} a special resolution of the unit holders in the collective investment scheme; or
(b)
the class or classes of units related to the sub-collective investment scheme, unless sub-regulation {5) applies.
{5) If th.e operator, the trustee or other persons providing oversight functions for the collective investment scheme, or the auditor of the collective investment scheme agree that the receipt of the property referred to in sub-regulation {4), for the account of the collective investment scheme -
(a}
is not likely to result in any material prejudice to the interest of the unit holders of the collective investment scheme;
(b)
is consistent with the objectives of the collective investment scheme or sub-collective investment scheme of an umbrella collective investment scheme; and
(c)
may be affected without any breach of any investment and borrowing powers, the transfer may be effective and the issue of units in exchange for assets as part of a transfer collective investment scheme may be undertaken.
Dated this 21st. day of Rabiulawal, 1436 Hijriah corresponding to the 12th. day of January, 2015.
319
A WANG YUSOF BIN HJ ABD RAHMAN
Managing Director,
Autoriti Monetari Brunei Darussalam.