Regulatory Alerts2018-03-26
CISCA Circular No 20: Service Level Commitment for Collective Investment Scheme Managers
The Financial Services Board issued CISCA Circular No 20 to establish a non-binding Service Level Commitment detailing turnaround times and procedural obligations for managers of local and foreign collective investment schemes. Managers must submit complete applications with prescribed fees to a designated email, respond to regulatory queries within 25 business days to prevent application lapses, and launch approved portfolios within six months or justify retention. Annexure A prescribes specific processing periods for regulatory actions ranging from one business day for acknowledgements to ninety business days for foreign scheme registrations, while explicitly reserving the Registrar's discretion to modify these timelines.
Share