FINANCIAL SERVICES BOARD

Rigel Park 446 Rigel Avenue South Erasmusrand Pretoria 0181 South Africa
PO Box 35655 Menlo Park Pretoria 0102 South Africa
Tel +27 12 426 8000 Fax +27 12 347 0221 E-mail info@fsb.co.za
Toll free 0800 110443 Internet http://www.fsb.co.za

ENQUIRIES:	Ms S Schutte / Ms A van Rensburg	O. DIALLING NO.:	(012) 4288120 / (012) 4288088
OUR REF:	15/1/1/3 (CISCA CIRCULAR NO 8)	FAX:	(012)3471379
DATE:	September 2008	E-MAIL:	susans@fsb.co.za/annelizj@fsb.co.za

CISCA CIRCULAR NO 8 TO MANAGERS OF LOCAL AND FOREIGN COLLECTIVE INVESTMENT SCHEMES

SERVICE LEVEL COMMITMENT

1. Purpose

1.1 In bringing about service delivery in a transparent, cost effective and accountable manner, the FSB has decided to develop service level commitments (SLC) in respect of the financial services industries that fall within the regulatory ambit of the FSB.

1.2 The main objective of the SLC is to provide guidelines in terms of turnaround times and the roles and responsibilities of all parties with regard to the services rendered by the Collective Investment Schemes (CIS) Department to the CIS industry as set out in Annexure A hereto; and to improve service standards within the organisation to ensure optimum client satisfaction.

2. Agreed periods

This SLC will apply to services rendered by the CIS Department from 1 October 2008 and will be reviewed periodically to take into account any additional services that the CIS Department would be required to provide in the future.

3. Applications and accompanying prescribed fees

3.1 If any application is properly completed and free of error and/or omission and all issues addressed to the satisfaction of the CIS Department, accompanied by the prescribed fees or proof of payment of such fees, the CIS Department will finalise the application as per Annexure A. Please note that if another department within the FSB or an outside party should be consulted, the time frames in Annexure A may not be achieved.

3.2 An application that is incomplete in any matter whatsoever will be returned to the applicant with correspondence in whatever form, stating the exact documentation or information (other than information as required in par 3.4 below) required and the CIS Department expects to receive a response within 30 business days. The turnaround times as contained in this SLC will commence upon receipt of the response to the abovementioned from the applicant as requested by the CIS Department.

3.3 If the CIS Department does not receive the required information/documentation within the period stipulated in paragraph 3.2 above, the application lapses.

3.4 Additional information that is requested by the CIS Department with regard to an application must be provided within the period stipulated in paragraph 3.2 above, failure which will result in the lapse of the application.

3.5 Fees payable in respect of the different types of applications are prescribed in Board Notice 103 of 2005 as amended from time to time. As per the said Board Notice, fees are payable by the applicant at the time of lodging of an application. Please note the FSB will not issue an invoice in respect of a prescribed fee.

3.6 Any prescribed fee paid for an application that lapsed in terms of paragraph 3.3 or 3.4 above will not be refundable or re-usable in any way or form.

3.7 An applicant affected by a lapsed application wishing to resubmit the application will be required to submit a new application with the prescribed fee to the CIS Department and the aforementioned criteria will be applied to determine whether the application qualifies as completed.

3.8 In respect of a new white label application on behalf of a third party which is still in the process of approval by the CIS Department, the applicant can only submit an application for additional portfolios for the same third party after final approval of the first white label application. A white label application is where a manager of a collective investment scheme in securities acts as a host and enters into an agreement or arrangement for the establishment and administration of a Third Party Portfolio.

3.9 If a portfolio approved is not launched within six months from the date of approval, the manager must advance reasons why such approval should not be withdrawn. Should the reasons advanced be acceptable, the portfolio must be launched within three months after the lapse of the initial 6 month period, failure upon which a cessation supplemental deed must be submitted against payment of the prescribed fee. Should the reasons not be acceptable, the CIS Department will inform the manager thereof and subsequently a cessation supplemental deed must be submitted against payment of the prescribed fee.

3.10 For purposes of measuring performance against the SLC, the final day of the process is regarded as either: a. the day on which the decision is made to approve or decline an application and that decision is communicated to the applicant; b. the day on which the applicant withdraws an application; or c. the day on which an application is considered to be withdrawn.

NOTE: This SLC serves as a commitment by the CIS Department to the CIS industry. It is not intended, and should not be construed in any manner or form, to be a legally-binding prescription or regulation. This SLC is not legally enforceable and does not create any legal rights, substantive or procedural, nor impose any legally-binding obligations on the FSB. The CIS Department expressly reserves the right to vary the periods stipulated in this SLC at its sole discretion.

Kindly complete the attached acknowledgement of receipt and submit it to the CIS Department.

[Signature]

REGISTRAR OF COLLECTIVE INVESTMENT SCHEMES

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ANNEXURE A

Service rendered by CIS department	Agreed Turnaround time
Application for registration of new scheme	90 calendar days
Application for registration of foreign collective investment scheme	120 calendar days
Application for additional portfolios	30 calendar days
Application for additional portfolios of foreign collective investment schemes	60 calendar days
Application for any amendments to local and foreign schemes	60 calendar days
Applications for winding up of a portfolio in terms of section 102 or closure of existing portfolio that was never launched	30 calendar days
Application for amalgamations of schemes/portfolios	90 calendar days
Major change in direct/indirect shareholding of the local manager	60 calendar days
Minor change in direct/indirect shareholding of the local manager	30 calendar days
Application for approval of appointment of director(s)	30 calendar days
Review findings communicated to reviewed party	90 calendar days
Response to complainants	14 calendar days
Acknowledgement of receipt of applications	14 calendar days

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ACKNOWLEDGEMENT OF RECEIPT

I acknowledge receipt of a copy of CISCA Circular No 8

Signature _________________________ Name of Manager _________________________

Date _________________________

Kindly return to:

Registrar of Collective Investment Schemes
Financial Services Board
P O Box 35655
Menlo Park
0102

Board Members Dr CDR Rustomjee (Chairperson) Mr AM Sithole (Deputy Chairperson) Mr BM Hawksworth
Ms H Wilton Prof PJ Sutherland Ms JV Mogadime Ms T Mokgabudi Prof M Ncube Ms Z Bassa Ms M Phetla-Lekhetho
Executive Officer Mr DP Tshidi