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Part 2: Amendments to Regulatory Law 2004

5. The Regulatory Law 2004 is amended as prescribed in this Part.
6. In Article 41(9):
(a) after the words "the Fund if the Fund has" delete the words "an Operator and he is a person" and replace with "a Fund Manager or External Fund Manager that falls"; and
(b) insert "(a) or (b)" after the words "within Article 42(3)".
7. In Article 42(3):
(a) delete the word "or" at the end of paragraph (a);
(b) renumber paragraph (b) to (c); and
(c) insert a new paragraph (b) to read as follows "an External Fund Manager as defined in Article 20(5) of the Collective Investment Law 2010, in so far as its activities relate to a particular Domestic Fund that falls within Article 41(9); or".
8. In Article 62(6) after the words "and maintain a register of all" delete the words "Funds which are currently registered and of all Funds where such registration has been withdrawn, in such manner as may be prescribed in the Rules" and insert the words "Domestic Funds".
9. In Article 75(2):
(a) after the words "may be imposed on the" delete the words "Operator of a Fund" and replace with "Fund Manager"; and
(b) after the words "in relation to the" delete the word "operation" and replace with "management".
10. In Article 90(2):
(a) in subparagraph (a) delete "$5,000" and replace with "$20,000"; and
(b) in subparagraph (b) delete "25,000" and replace with "$100,000".
11. In Article 108(2)(b) deleted the word "Operator" and replace with "Fund Manager"
12. In Schedule 1 paragraph 3, Defined Terms in the definition of Operator:
(a) in the Term column delete the word "Operator" and replace with "Fund Manager"; and
(b) in the Definition column:
(i) deleted the reference to "Article 2" and replace with "Article 20(4)";
(ii) delete the words "Schedule 1 to"; and
(iii) delete "2006" and replace with "2010".