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    <title>Power of the Board to issue clarifications</title>
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    <description>Regulation 45 authorises the Board to issue clarifications or guidelines, through notes or circulars, to remove difficulties in applying or interpreting the Portfolio Managers Regulations. These clarifications and guidelines are binding on portfolio managers, who must comply with the Board&#039;s directions and treat them as mandatory in relation to application and interpretation difficulties under the regulations.</description>
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