Unit trust legislation delayed.

Posted On Tuesday, 04 March 2003 10:01 Published by
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The Collective Investment Schemes Control Act, which was to replace the Unit Trust Control Act today, is now only likely to become effective later in March.
The Collective Investment Schemes Control Act - which replaces the Unit Trust Control Act and which was meant to come into effect on Monday - is now only likely to become effective later in March, the Financial Services Board announced.

FSB head Jurgen Boyd said this was due to a delay in the signing of the proclamation to bring the Act into effect.

"We have been advised that this outstanding issue will be resolved by mid-March. The regulations under Cisca, although published in the Government Gazette on Friday with an effective date of March 3, will only come into effect on the same day that Cisca does.

"In the interim, the Unit Trusts Control Act and the current regulations remain in force."

Sapa


Publisher: Sapa
Source: Sapa

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