Securities Markets Regulations, 2015 · s 124

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s 124

(1)

An operator of a collective investment scheme must take reasonable steps to ensure that no payment is to be made to a trustee, custodian or other persons providing oversight out of the collective investment scheme property whether by way of reimbursement of expenses or otherwise, except -

{a}

remuneration in respect of services provided and in respect of which the following have been stated in the prospectus. -

(i)

the actual amount or rate of the remuneration together with the current maximum or how these are determined;

(ii)

the periods in respect of which the remuneration is to be paid;

(iii)

how the remuneration is to accrue;

(iv)

when the remuneration is to be paid; and

(b)

reimbursement of expenses properly incurred by the trustee, custodian or other persons providing oversight functions.

(2)

Payment under sub-regulation l{a} must not be made unless permitted by the constitution and specified in the prospectus.

Promotional payments, performance fees and set up costs.