Securities Markets Regulations, 2015 · As enacted · Chapter IX
Section 124
Official textFrom Attorney General's Chambers, unchanged
(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. -
the actual amount or rate of the remuneration together with the current maximum or how these are determined;
the periods in respect of which the remuneration is to be paid;
how the remuneration is to accrue;
when the remuneration is to be paid; and
reimbursement of expenses properly incurred by the trustee, custodian or other persons providing oversight functions.
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.