Regulatory Alerts2018-03-26
CISCA Circular No 16: Verification Checks for Collective Investment Scheme Managers and Trustees
The South African Financial Services Board requires all applicants for director and board member verification checks to submit a police clearance certificate with their regulatory applications. This mandate addresses the South African Police Services suspension of standard criminal record enquiries, which now limits verification to fingerprint-based systems. Collective Investment Scheme Managers must bear the full cost of obtaining these certificates for their nominees.
FINANCIAL SERVICES BOARD
Riverwalk Office Park Block B 41 Matroosberg Road Ashlea Gardens Extension 6
Pretoria South Africa 0081 PO Box 35655 Monlo Park Pretoria South Africa 0102
Tel +27 12 428 8000 Fax +27 12 346 6941 E-mail info@fsb.co.za
Toll free 0800 110443/0800 202087 Website: www.fsb.co.za
| ENQUIRIES: | Patrick Ward | D. DIALLING NO.: | (012) 428 8045 |
|---|---|---|---|
| OUR REF: | CISCA Circular No 16 | FAX: | (012) 347 1379 |
| DATE: | 12 January 2012 | E-MAIL: | patrickw@fsb.co.za |
CISCA CIRCULAR NO 16 TO MANAGERS AND TRUSTEES OF COLLECTIVE INVESTMENT SCHEMES – VERIFICATION CHECKS
The FSB determines the honesty and integrity of directors and board members of regulated institutions (e.g. FSP’s, insurance companies, Managers of Collective Investment Schemes etc.), as required in terms of relevant legislation, by means of verification checks.
These checks include verification of criminal records, experience and qualifications. With effect from 01 July 2011 the Criminal Record Centre suspended all name, surname and identification number enquiries on the CRIM system of the SAPS. The SAPS Automated Fingerprint Identification System (AFIS) is now the only system available for criminal record verification.
Accordingly all verification checks will, with immediate effect be subject to individuals submitting a police clearance certificate with their applications.
In the circumstances, in addition to the information stipulated in paragraph 9 of Annexure B of Notice 910 of 2010, all applicants will be required to submit police clearance certificates.
The costs of obtaining the police clearance will be borne by the Manager of the Collective Investment Scheme.
D P TSHIDI
REGISTRAR OF COLLECTIVE INVESTMENT SCHEMES
Board Members: Abel Sithole (Chairperson) H Wilton (Deputy Chairperson) Z Bassa JV Mogadime
Prof PJ Sutherland D Turpin H M H Ratshafola D Msomi M Nnyande (Alternate)
I Momoniat O Makhubela (Alternate) Executive Officer: DP Tshidi
SABS
ISO 9001
ACKNOWLEDGEMENT OF RECEIPT
I acknowledge receipt of a copy of CISCA Circular No 16
Signature
Name of Manager
Date
Signature
Name of Trustee
Date