Regulatory Alerts2018-03-26
CISCA Circular No 17: Requirements for Managers and Trustees of Collective Investment Schemes in Securities
The Financial Services Board Registrar of Collective Investment Schemes issues binding clarifications and operational requirements for managers and trustees of collective investment schemes in securities under the Collective Investment Schemes Control Act. The circular permits in-specie settlement for repurchase offers, clarifies the valuation and accounting treatment of accrued income and secondary market money market instruments, and mandates strict segregation of investor funds from operational trust accounts. Additionally, it requires asset management fees to be classified as fixed costs for capital adequacy reporting, enforces International Financial Reporting Standards for all financial statements effective December 2012, and corrects reference errors in Notice 80 of 2012.