Difference between CIS and CEF
| Features | CEF | CIS |
|---|---|---|
| Requirement for a promoter | ||
| Can it be private or public in nature? | ||
| Shares issued in the fund to subscribers? | ||
| Timeline to collect funds from subscribers (private)? | 6 months | 6 months |
| Timeline to collect funds from subscribers (public)? | 6 days | 6 days |
| Can funds continuously be collected from subscribers? | ||
| Requirement for diversified investments? | ||
| Shares redeemable? | ||
| Investment/lock-in periods? | ||
| Investment timeframe? | Long | Short/Medium |
| Prospectus required? | If public company | |
| Private placement memorandum required? | As per section 70 (1) of the Securities Act 2005 | |
| Requirement for a CIS Manager (Fund Manager)? | ||
| Can the investment fund be self-managed? | Upon the written approval of the FSC | Upon the written approval of the FSC |
| Custodian bank requirement? | ||
| CIS Administrator requirement? | ||
| Requirement for two (2) resident directors | ||
| Requirement for an auditor? | ||
| Financial statements to be audited in Mauritius and filed with the FSC? | ||
| Interim financial statements to be filed with the FSC? | ||
| Principal Bank Account in Mauritius? |