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.
STAATSKOERANT, 15 OKTOBER 2010 No. 33614 51
NOTICE 983 OF 2010
FINANCIAL SERVICES BOARD
COLLECTIVE INVESTMENT SCHEMES CONTROL ACT, 2002
EXEMPTION OF MANAGER OF COLLECTIVE INVESTMENT SCHEME IN SECURITIES FROM CERTAIN PROVISIONS OF COLLECTIVE INVESTMENT SCHEMES CONTROL ACT, 2002, AND DEED
Under section 22(a) of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002) ("the Act"), I, Dube P Tshidi, Registrar of Collective Investment Schemes, hereby exempt a manager administering a collective investment scheme in securities under the Act ("the manager"), from certain provisions of Act and under section 97(3) of the Act, hereby suspend a provision of the Deed and determine the matters to be complied with as set out in the Schedule.
This Notice takes effect on the date of publication thereof.
D P TSHIDI
REGISTRAR OF COLLECTIVE INVESTMENT SCHEMES
SCHEDULE
A. A manager is hereby exempted from the words "to repurchase or cancel participatory interests" in section 96 of the Act and by replacing it with "to meet its obligations in relation to the administration of a scheme relating to settlement of buying and sale transactions and repurchase or cancellation of participatory interests".
B. The provisions of Clause 6.5.2 of the Standard Deed are hereby suspended and the following determination must be complied with:
52 No. 33614 GOVERNMENT GAZETTE, 15 OCTOBER 2010
"Clause 6.5.2 the term of the loan may not exceed 61 days where such loan is applied for the settlement of repurchases or cancellation of participatory interests and in all other cases the term of the loan may not exceed eight calendar days: Provided that if insufficient liquidity continues after such periods, the loan may be renewed with the consent of the trustee/custodian;"
NOTICE 980 OF 2010
THE BANKS ACT, 1990 (ACT No. 94 OF 1990—THE BANKS ACT)
CHANGE OF NAME—TEBA BANK LIMITED
Notice is hereby given, for general information, in accordance with the provisions of section 30 of the Banks Act, that Teba Bank Limited, a registered bank, changed its name to UBANK Limited, with effect from 1 October 2010.
(15 October 2010)
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