Regulatory Alerts2024-08-29
FSCA Draft Determination on Foreign Collective Schemes Soliciting Investments in South Africa
The Financial Sector Conduct Authority has published a draft Determination establishing the application format and approval conditions for foreign collective investment schemes soliciting investments in South Africa. The framework mandates that applicants maintain equivalent foreign regulatory oversight, ensure sufficient liquidity and investor protection, establish compliant representative offices or local managers, and adhere to strict advertising, reporting, and prohibited investment rules. Stakeholders may submit written comments using the Authority’s template by 11 October 2024, after which the Determination will repeal Board Notice 257 of 2013 and formally govern foreign scheme approvals under the Collective Investment Schemes Control Act.