Funds
In Mauritius, funds are registered under the Companies Act 2001 and licensed as a company holding a Global Business Licence under the Financial Services Act 2007. Funds are also governed by the Securities Act 2005 which categorises them under two broad categories namely:
Collective Investment Schemes (CIS)
A CIS will have a variable share capital and investors are allowed to redeem their shares at net asset value at pre-determines times in accordance with the Private Placement Memorandum of the Fund
The CIS may be set up as:
Fully regulated CIS
Professional CIS – offers its shares solely to sophisticated investors or as private placements
Specialised CIS – invests in real estate, derivatives, commodities or any other products authorised by the FSC
Expert Fund- only available to expert investors
Close end funds
A Closed Ended Fund has a fixed share capital and investors cannot redeem their shares at Net Asset Value of the Company. The Fund may be formed with a limited life after which the assets are distributed to the investors
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