Regulatory Alerts2018-03-26
CISCA Circular No 13: Restrictions on "Cash" Fund Naming
The South African Financial Services Board issued this circular to standardize the naming of collective investment scheme portfolios containing the term "cash" following investor prejudice linked to the Corporate Money Managers curatorship. Effective immediately, portfolio names may only include "cash" if the investment policy strictly limits the maximum maturity of non-equity securities to 21 days. Managers of existing non-compliant portfolios must submit a renaming application and draft supplemental deed within 30 days, ensuring the new title accurately reflects the fund's actual investment strategy.
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