S.L. 386.15 Art. 5Powers of the competent authority. Cap. 370. Cap. 370.

No event described in regulation 4 shall take place except in accordance with the terms and conditions of the prior written approval of the competent authority which shall only be granted:

(a) in the case of a body corporate which is or which is to be granted recognition as a recognised incorporated cell company in terms of article 9A of the Investment Services Act;

(b) in the case of a body corporate which is or which is to be licensed as an incorporated cell in terms of article 4 of the Investment Services Act as a collective investment scheme.