Regulatory Alerts2018-03-26
CISCA Circular No. 5: Interim Measures for Foreign Collective Investment Schemes Converting to UCITS III
The South African Financial Services Board issued CISCA Circular No. 5 to grant interim exemptions until 30 June 2007 for foreign collective investment schemes converting to the UCITS III regulatory regime. Fund managers must submit proof of UCITS III compliance by 28 February 2007, notify existing South African investors of structural changes and derivative risks, and provide updated scheme particulars to the Registrar. These measures are strictly temporary pending a broader consultative process, and managers are cautioned that future regulations may not accommodate the expanded investment powers introduced by UCITS III.
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