Section 159 (7) of the Securities Act 2005 provides: “Approved investment institutions in existence immediately before the commencement of this Act shall, within 3 years of the commencement of such regulations as may be prescribed, apply for authorisation as collective investment schemes according to conditions and subject to such exemptions as may be specified in FSC Rules.”
Subject to subsection (7), approved investment institutions designated under section 50A of the Stock Exchange Act shall, notwithstanding the repeal in section 157(1)(a) continue to operate subject to the conditions of the Stock Exchange (Approved Investment Institution) Rules 1992.
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