Regulatory Alerts2018-05-31
Circular 29: Service Level Commitment for Hedge Fund Managers
The Financial Services Board of South Africa has issued Circular 29 to establish a Service Level Commitment for managers of local and foreign hedge fund schemes. The directive mandates specific application procedures, fee structures, and strict turnaround times for regulatory approvals, amendments, and onsite reviews, with detailed schedules provided in Annexure A. While the framework aims to standardize service delivery and accountability, the FSB explicitly clarifies that the commitments are administrative guidelines rather than legally binding regulations.
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