Regulatory Alerts2018-03-26
Notice 910 of 2010: Determination of Fit and Proper Requirements for Managers of Collective Investment Schemes
The Financial Services Board issued this notice to establish mandatory fit and proper requirements and operational conditions for managers of collective investment schemes under the Collective Investment Schemes Control Act, 2002. The determination mandates specific board composition standards, including minimum director counts, residency rules, and strict honesty and integrity criteria that disqualify individuals with recent criminal, civil, or professional misconduct records. Managers must maintain financial soundness, implement robust internal controls and risk management systems, establish formal investor complaint resolution procedures, and submit prescribed compliance questionnaires and annual statements to the registrar.
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