Regulatory Alerts2018-03-26
CISCA Circular No 8: Service Level Commitment for Collective Investment Scheme Managers
The Financial Services Board has issued a Service Level Commitment establishing standardized turnaround times and processing requirements for applications submitted by local and foreign collective investment scheme managers. The circular mandates that all submissions include prescribed fees and complete documentation, stipulating that incomplete applications will lapse if not rectified within 30 business days. While the document outlines specific processing periods for scheme registrations, amendments, and portfolio approvals, it explicitly clarifies that these commitments are administrative guidelines rather than legally binding regulations.
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