The Financial Services Commission (FSC)
says it plans to move decisively this year to address glitches in the laws
governing Mutual Trust Funds and Unit Trusts.
Executive Director of the FSC, Rohan Barrett, has indicated that action will be taken to deal with inconsistencies in the laws governing the sector.
Mr. Barnett notes that in 1998, a moratorium was imposed on the registration of Unit Trust Schemes and the products of the Unit Trust Act.
He pointed out that the creation of Mutual Funds registered under the Securities Regulations was effectively blocked, placing the Unit Trust at a distinct advantage.
Accordingly, he said the FSC has examined, as an interim measure, the possibility of lifting the moratorium on the Unit Trust, while committing itself to addressing the legal inconsistencies in the shortest possible time.
Executive Director of the FSC, Rohan Barrett, has indicated that action will be taken to deal with inconsistencies in the laws governing the sector.
Mr. Barnett notes that in 1998, a moratorium was imposed on the registration of Unit Trust Schemes and the products of the Unit Trust Act.
He pointed out that the creation of Mutual Funds registered under the Securities Regulations was effectively blocked, placing the Unit Trust at a distinct advantage.
Accordingly, he said the FSC has examined, as an interim measure, the possibility of lifting the moratorium on the Unit Trust, while committing itself to addressing the legal inconsistencies in the shortest possible time.
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