Regulatory Alerts2023-05-04
FSCA Communication 12 of 2023: Changes to Criminal Verification Checks for Collective Investment Schemes
The Financial Sector Conduct Authority has replaced police clearance certificates with a mandatory fingerprint-based criminal verification system for directors and significant natural persons of Collective Investment Scheme managers. Managed Integrity Evaluation will conduct the checks through scheduled appointments at designated national zones or South African Police Services stations, with the Authority covering verification costs while applicants bear SAPS fingerprinting and courier fees. This revised process supersedes Circular 16 and maintains existing fit-and-proper integrity requirements under the Collective Investment Schemes Control Act.
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