S.L. 370.2 Art. 5Collective investment scheme exemptions.

(1) The following collective investment schemes are hereby being exempted for the purposes of the requirement for a licence for collective investment schemes in terms of article 4 of the Act:

(a) a scheme involving participants, each of which carries on a business other than that which constitutes an investment service and enters into the arrangement for commercial purposes related to that business;

(b) a scheme which operates according to the principle of risk spreading or in respect of which the contributions of the participants and the profits or income out of which payments are to be made to them are pooled, but only if the general purpose of the scheme is commercial and not for investment purposes;

(c) a scheme operated by a company for its own employees, former employees and their dependants, or for employees, former employees, or their dependants, of companies in the same group, in instruments issued by the company or other companies in the group and any other instruments as may be approved by the competent authority;

(d) a scheme established as an alternative investment fund and managed by an alternative investment fund manager that has been included by the competent authority on the List of Notified AIFs in terms of the Investment Services Act (Notified CISs) Regulations;

(da) a scheme established as a professional investor fund that has been included by the competent authority on the List of Notified PIFs in terms of the Investment Services Act

(Notified CISs) Regulations;

(e) investment undertakings, such as family office vehicles, which invest the private wealth of investors without raising external capital;

(f) a retirement scheme or retirement fund licensed under the Retirement Pensions Act.

(2) The exemptions laid down in this regulation shall not be automatically operative but their applicability shall be subject to a determination in writing by the competent authority that the requested exemption applies.