Section 41Part 6 — Miscellaneous Provisions
Savings and transitional provisions
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Section 4(3)(a)(i) does not apply to a mutual fund which, immediately before the 14th November, 2006, was carrying on business in or from the Islands; and section 4(3)(a)(i) of the Law as contained in the Mutual Funds Act (2003 Revision) shall continue to apply to such mutual fund.
Section 10 does not apply to a mutual fund administrator who, immediately before the 14th November, 2006, was exempted in accordance with section 10(2) of the Law as contained in the Mutual Funds Act (2003 Revision) ; and sect ion 10(2),
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of the Law as contained in the Mutual Funds Act (2003 Revision) continues to apply to such mutual fund administrator. ( 3 ) A power conferred on the Authority by section 30(3) may be exercised in respect of a matter arising before , on or after the 14th November, 2006 , the commencement date of the Mutual Funds (Amendment) Act , 2006 [Law 29 of 2006] . ( 4 ) Section 32 does not apply in respect of a winding - up petition presented before the 14th November, 2006 , the commencement date of the Mutual Funds (Amendment) Act , 2006 [Law 29 of 2006] . ( 5 ) Section 35 does not apply to an audit that was concluded before the 14th November, 2006 , the commencement date of the Mutual Funds (Amendment) Act , 2006 [Law 29 of 2006] .
A mutual fund that immediately before 7th February, 2020, the commencement date of the Mutual Funds (Amendment) Act , 2020 [Law 2 of 2020] , was carrying on business in or from the Islands without complying with section 4(1) of the Mutual Funds A ct (2020 Revision) because the equity interests in the mutual fund are held by not more than fifteen investors, the majority of whom are capable of approving or removing the operator of the fund, may continue to carry on business in or from the Islands wit hout complying with section 4(1) for a period of not more than six months after the 7th February, 2020, the commencement date of the Mutual Funds (Amendment) Act , 2020 [Law 2 of 2020] , or such further period as may be specified by the Authority.