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The portfolio may also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is to the satisfation of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that of south Africa and which comply with the requirements of the Act and any regulations thereto subject to the limits provided in the Penson Fund Act Regulation 28. Where the investment limits and/or instruments as prescribed by Regulation 28 are wider than the investment limits and/or instruments as prescirbed by the Act, the Act shall take precedence.
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