Regulatory Alerts2018-03-26
Notice 983 of 2010: Exemption of Collective Investment Scheme Managers from Certain Provisions of the Collective Investment Schemes Control Act
The Financial Services Board exempts managers of collective investment schemes in securities from the strict repurchase and cancellation wording in Section 96 of the Collective Investment Schemes Control Act, replacing it with broader administrative settlement obligations. The regulator also suspends Clause 6.5.2 of the Standard Deed to permit settlement loans for participatory interest redemptions to extend up to 61 days, or eight days for other cases, provided trustee or custodian consent is obtained during liquidity shortfalls. This exemption and determination take effect upon publication in the Government Gazette on 15 October 2010.
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