Regulation 11

In the application of section 27 of the Act to a foreign corporate entity registered as a VCC under Part 12 of the Act that is a foreign umbrella fund as at the date of its application for registration under section 134(1) of the Act, the following provision applies in place of subsection (1) of section 27:“Where a foreign corporate entity that is a foreign umbrella fund as at the date of its application under section 134(1) of the Act becomes registered as a VCC, it must immediately apply to the Registrar for the registration of each of its collective investment schemes as a sub‑fund.”.