Section 184 Investments and Securities Act

Section 184 of the Investments and Securities Act 2025 is about Power to make regulations on the constitution and management of collective investments scheme. It is under Part XIII (Collective Investments Schemes) of the Act. It provides as follows:

(1) The Commission may make regulations as to the constitution and management of collective investment schemes, the powers and duties of the manager and trustee or custodian of any such scheme, and the rights and
obligations of persons participating in any such scheme.

(2) Without prejudice to the generality of subsection (1), the Commission may make regulations under this section —
(a) as to the issue and redemption of the units or participatory interest in the scheme;
(b) as to the expenses of the scheme and the means of meeting them;
(c) for the appointment, removal, powers and duties of an auditor for the scheme;

(d) for restricting or regulating the investment and borrowing powers exercisable in relation to a scheme;
(e) requiring the keeping of records with respect to the transactions and financial position of the scheme and for the inspection of those records;
(f) requiring the preparation of periodic reports with respect to the scheme and the furnishing of those reports to the participants and the Commission; and
(g) with respect to the amendment of the scheme.

(3) Regulations made under this section —
(a) may make provision as to the contents of the trust deed or custodial agreement, including provision requiring any of the matters mentioned in subsection (2) to be dealt with in the trust deed or custodial agreement;

(b) shall be binding on the manager, trustee, custodian, participants
independent of the contents of the trust deed or custodial agreement and, in the case of the participants, shall have effect as if contained in it;

(c) may impose limits on the remuneration payable to the manager of a scheme;
(d) may contain such incidental and transitional provisions as the
Commission deems necessary or expedient; and

(e) may exempt any scheme designated as a specialised or alternative investment scheme by the Commission from the applicability of any provision of this Part.