Section 89
of Securities Markets Regulations, 2015
Section 89
(1)
Every application for a collective investment scheme licence must include a written constitution which sets out the legal form of the collective investment scheme and to which the operator is a party and sets out the provisions relating to any aspect of the operation or management of the collective investment scheme which contains the information required by Part IX of the
Order.
(2)
The operator of a collective investment scheme must ensure that the requirements of sub-regulation (1) are met and in the case of an investment trust, the trustee must ensure that those requirements are met.
(3)
The operator, and in the case of a collective investment scheme structured as an investment trust, both the operator and the trustee are responsible for maintaining the constitution and for making necessary amendments to it in accordance with any written laws.
(4)
If the collective investment scheme is a public property collective investment scheme, the constitution of the collective investment scheme must include provisions that deal with fa)
the manner in which the issue and redemption of units of the collective investment scheme are made to ensure that the collective investment scheme is closed-ended; and
(b)
if applicable, the circumstances in which any private placements may be made.
(5)
An operator of a collective investment scheme may issue, and in the case of an investment trust, the operator may instruct the trustee to issue, such classes of units as are set out in the constitution, provideGl the rights of any class of unit holders are not unfairly prejudicial to the interests of the unit holders of any other class of units in that collective investment scheme.
(6)
An operator of a collective investment scheme may issue units whose issue may be limited, if permitted by the constitution and if in accordance with the conditions set out in the prospectus, provided that such issue will not materially prejudice any existing unit holders in the collective investment scheme.
(7)
In the case of an investment trust, the trustee must take reasonable measures to ensure, before carrying out the operator's instructions that those instructions comply with the requirements referred to in sub-regulation (5).
Name of collective investment scheme.