Regulatory Alerts2018-03-26
Declaration of Hedge Fund Business as a Collective Investment Scheme
The South African Minister of Finance declares hedge fund operations to be regulated as collective investment schemes under the Collective Investment Schemes Control Act of 2002. This notice defines hedge funds as arrangements employing strategies like leverage or net short positions that may incur losses exceeding their aggregate market value, and mandates specific deed provisions covering asset valuation, repurchase procedures, and fee calculations. Hedge fund managers must submit registration applications within six months of the declaration's commencement on 1 April 2015, while the majority of the Act's provisions apply subject to explicitly listed exceptions.
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