S.L. 386.15 Art. 3Constitution of an incorporated cell company and incorporated cells.

(1) A limited liability company may be formed or constituted as a recognised incorporated cell company to establish incorporated cells formed and constituted in accordance with these regulations and to provide such incorporated cells with administrative services.

(2) A recognised incorporated cell company shall require a recognition by the competent authority in terms of article 9A of the Investment Services Act to provide incorporated cells with administrative services.

(3) The administrative services which a recognised incorporated cell company may provide to its incorporated cells are listed in the Schedule, and the recognised incorporated cell company shall provide such administrative services in accordance with the applicable rules and conditions prescribed by the competent authority.

(4) An incorporated cell established by a recognised incorporated cell company shall be required to be:

(a) in possession of a licence to carry out the activities of a collective investment scheme in accordance with article 4 of the Investment Services Act; or

(b) included in the List of Notified AIFs or the List of Notified PIFs, as the case may be, as defined in, and in accordance with, the Investment Services Act

(Notified CISs) Regulations.

(5) The competent authority may, in terms of articles 6 and 9A of the Investment Services Act, issue Investment Services Rules applicable to recognised incorporated cell companies and to incorporated cells established under these regulations.