Collective Investment Schemes (Fees) (Amendment) Rules, 2024 (No. 1)
Two fees under the collective investment scheme rules double from US$5 000 to US$10 000 — a straight doubling for fund operators and managers.
The Securities and Exchange Commission has amended the Collective Investment Schemes (Fees) Rules, 2022 (S.I. 215 of 2022), with the Minister of Finance's approval.
The change is a single substitution applied in two places. In sections 2(2) and 3(2) of the 2022 rules, the figure "USD5 000,00" is deleted and "USD10 000,00" put in its place. Both fees therefore double.
The amending instrument does not reproduce the surrounding text of sections 2(2) and 3(2), so it does not say on its face which fee each figure represents — a reader has to open S.I. 215 of 2022 to see whether these are registration, licensing or annual fees, and for which category of participant. Anyone budgeting for a collective investment scheme should read the two provisions in the principal rules alongside this amendment rather than rely on the amendment alone.
No commencement date is stated beyond gazetting on 5 April 2024.
What changed
- The fee in section 2(2) of the Collective Investment Schemes (Fees) Rules, 2022 rises from US$5 000 to US$10 000
- The fee in section 3(2) rises from US$5 000 to US$10 000
Who this affects
- operators of collective investment schemes
- fund managers and trustees registering schemes with SECZ
- unit trust and mutual fund promoters
- compliance officers budgeting SECZ fees
Plain-language summary — not legal advice. Always read the full instrument.