S.L. 370.24 Art. 31Transitory provision.

(1) Regulation 7 and regulation 22 shall cease to apply as from such date as the Minister may by notice in the Gazette establish.

(2) Overseas based collective investment schemes, which on the date of the coming into force of these regulations were licensed in terms of the article 4 of the Act, shall be deemed to be a third country AIF for the purpose of these regulations: Provided that such collective investment schemes shall conform to all investment services rules, conditions, directives and guidelines issued by the competent authority for such purpose.

(3) Overseas based collective investment schemes shall without delay either surrender their licence to the competent authority or submit such licence thereto for the appropriate amendments, as the case may be, in accordance with requirements established by the competent authority for this purpose.