Regulatory Alerts2018-03-26
CISCA Circular No 7: Requirements for Managers and Trustees of Collective Investment Schemes in Securities
The South African Financial Services Board mandates that managers of Collective Investment Schemes in Securities must cease investing in foreign collective investment schemes that fail to meet the compliance conditions of Notice 1503 of 2005. Trustees are required to closely monitor these foreign investments and immediately rectify any holdings that violate the notice's conditions regarding unlisted instruments, leveraging, or independent custodianship. All new investment applications must be accompanied by joint written confirmation from both the manager and trustee guaranteeing ongoing compliance with Notice 1503, pending broader regulatory amendments to align local rules with UCITS III directives.
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