Regulatory Alerts2018-03-26
CISCA Circular No. 9: Audit Committees for Collective Investment Scheme Managers
The Financial Services Board issued CISCA Circular No. 9 to require all managers of collective investment schemes to establish functioning audit committees. The directive provides detailed guidelines mandating committees of at least three members, predominantly independent, to oversee internal controls, financial reporting integrity, and compliance with the Financial Intelligence Centre Act. Managers must report their committee status or implementation timelines within thirty days of registration, with group subsidiaries exempt if covered by a holding company committee, thereby superseding the July 2004 circular.
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