Regulatory Alerts2018-03-26
CISCA Circular No 10: Marketing Restrictions for Collective Investment Schemes Claiming Prudential Compliance
The Financial Services Board prohibits collective investment scheme managers and trustees from marketing portfolios as compliant with pension fund prudential requirements unless those specific standards are explicitly detailed in the scheme's investment policy. Affected managers must amend their supplemental deeds to incorporate these guidelines in full by 30 September 2009 or immediately cease such marketing claims, with optional auditor certification available to verify compliance. The regulator will enforce these restrictions through direct regulatory action, while the Association for Savings and Investment SA will monitor member advertising practices to ensure adherence.
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