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SummaryofPrivateSectorConsultationandFeedbackStmt-PrivateFunds_1661202204.pdf

Here are the key points from the document:

Summary of Private Sector Consultation and Feedback Statement

Key Points

  1. Surviving Fund: In case of a merger, the surviving fund (if regulated by the Authority as a private fund) shall provide:
    • A copy of updated Marketing Materials or Offering Document outlining material changes
    • A certified copy of the memorandum and articles of association that reflect details of the merger and all appropriate changes required under applicable law (Companies Act 2022 Revision)
  2. Cease to Carry-On Business: In cases where the surviving fund is not a regulated entity, the basis for deregistration would be "cease to carry-on business" or by way of merge with information indicating that the surviving fund is not a CIMA-regulated entity.
  3. Consistency: The surviving fund's obligation to provide information to the Authority should be subject to being a regulated mutual fund (with private funds caught by the Procedure applying to regulated mutual funds).

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Published: 2022-08-19 · Source: CIMA

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