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Table of Contents
Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)
Notice No. 1583 of 2002
Act
Part I : Collective Investment Schemes
1. Definitions
1A. Relationship between Act and Financial Sector Regulation Act
1B. Regulatory instruments
2. Principles for administration of collective investment scheme
3. Disclosure of information
4. Duties of manager
5. Requirement for administration of collective investment schemes
6. Prohibition of misleading names and acts
7. [Repealed] Registrar and deputy registrar of collective investment schemes
8. [Repealed] Collective Investment Schemes Advisory Committee
9. [Repealed] Appointment of members of advisory committee and termination of appointment
10. [Repealed] Functions of advisory committee
11. [Repealed] Meetings of advisory committee
12. [Repealed] Subcommittees of advisory committee
13. [Repealed] Remuneration and expenses of members of advisory committee
Part II : Functions of Registrar
14. [Repealed] Inspections and on-site visits
15. Powers of registrar after investigation
15A. Powers of registrar in respect of financial soundness requirement
15B. [Repealed] Directives
16. Cancellation or suspension of registration of manager
17. Registrar may object to certain documents
18. Power of registrar to impose fines
19. Power of registrar to request audit
20. Attendance of meetings of association and furnishing of certain documents to registrar
21. [Repealed] Declaration of certain practices as irregular or undesirable
22. Exemptions
23. [Repealed] Annual report by registrar
24. [Repealed] Board of Appeal
Part III : Association of Collective Investment Schemes
25. Application for association licence
26. Issue or renewal of association licence
27. Refusal of renewal of association licence
28. Cancellation or suspension of association licence
29. Restriction on use of name or description implying connection with association
30. Delegation of functions of executive committee
31. Suspension of administration of collective investment scheme
32. Rules of association
33. Power of court to declare member disqualified
34. Voluntary dissolution of association
35. Winding-up of association by court
36. Business rescue of association
37. Appointment of liquidator
38. Report by association to registrar
Part IV : Collective Investment Schemes in Securities
39. Definition
40. Determination of securities or classes of securities
41. Restrictions on administration of collective investment scheme in securities
42. Procedure for registration of manager of collective investment scheme in securities
43. Change of name of manager, portfolio or collective investment scheme in securities
44. Determination of market price of securities
45. Foreign securities in which collective investment scheme in securities may invest
46. Limitation on investment in portfolio
Part V : Collective Investment Schemes in Property
47. Definitions
48. Restrictions on administration of collective investment scheme in property
49. Foreign country in which collective investment scheme in property may invest
50. Listing of participatory interests by exchange
51. Certain provisions of Part IV to apply in respect of manager of collective investment
Part VI : Collective Investment Schemes in Participation Bonds
52. Definitions
53. Restrictions on administration of collective investment scheme in participation bonds
54. Restrictions on business of collective investment scheme in participation bonds
55. Capacity of manager
56. Registration of participation bonds in name of nominee company
57. Rights of participant
58. Minimum investment period
59. Participatory interests rank in preference concurrently
60. Restrictions on rights of nominee company
61. Collateral security in respect of participation bonds
Part VII : Declared Collective Investment Schemes
62. Definition
63. Declaration of specific type of business as collective investment scheme for purposes of Act
64. Certain provisions to apply in respect of declared collective investment scheme
Part VIII : Foreign Collective Investment Schemes
65. Restrictions on foreign collective investment scheme to carry on business in Republic
66. Reciprocity
67. Withdrawal of approval of foreign collective investment scheme
Part IX : Trustee or Custodian
68. Appointment and termination of appointment of trustee or custodian
69. Qualifications and registration of trustee or custodian
70. Duties of trustee or custodian
71. Status of assets
72. Liability of trustee or custodian in respect of loss of assets
Part X : Auditor
73. Appointment and approval of auditor
74. Accounting records and audit
75. Duty of auditor to disclose irregularity or undesirable practice
Part XI : Conversion of Collective Investment Scheme
76. Definitions
77. Conversion of collective investment scheme
78. Application for registrar's approval
79. Consideration of application
80. Resolution by investors
81. Registration of Memorandum of Incorporation...
82. Certificate of registration of conversion and notice in Gazette
83. Effects of conversion
84. Issue of participatory interests to persons who were investors in former collective investment scheme
Part XII : General
85. Restrictions on assets which may be included in or lent by portfolio of collective investment scheme
86. Business capacity of manager
87. Definition
88. Capital requirement which manager must maintain
89. Obligation of manager to maintain capital requirement and failure to comply
90. Financial statements and other information to be furnished by manager
91. Exercise of voting power by manager
92. Unauthorised gain derived from acquisition of assets
93. Permissible deductions from portfolio
94. Calculation of price and limitation of amount of rounding-off accrual
95. Sale of participatory interests only on payment of full purchase price and restriction
96. Power of manager to borrow money to bridge insufficient liquidity in a portfolio
97. Matters which must be provided for in deed and exemption from and suspension of provision of deed
98. Void provision of deed and amendment of deed
99. Amalgamation of business of collective investment schemes or portfolios
100. Contents of price list, advertisement, brochure and similar document
101. Principal office and public officer in Republic
102. Winding-up of portfolio of collective investment scheme
103. Manner of dealing with trust property on winding-up of portfolio
104. Separation of assets of portfolio handed to or received by manager, trustee or custodian
105. Separation of funds of investors and other persons
106. False or misleading statements
107. Fraudulently inducing person to purchase or deal in participatory interests
108. Evidence
109. Liability for loss
110. Certain written matter to bear names of certain persons
111. Application of Companies Act in relation to manager
111A. Business rescue of manager
112. Delegation of functions
113. Exemption from Act 57 of 1988
114. Regulations by Minister and notices by registrar
115. Offences
116. Penalties
117. Repeal or amendment of laws and savings
118. Short title
Schedules
Schedule 1 : Matters which must be provided for ...
Schedule 2 : Matters which must be provided for in deed of collective investment scheme in property
Schedule 3 : Laws repealed or amended by this Act
Schedule 4 : Matters to be provided for in Rules of Association
Notices
Determination of Matters in Terms of the Collective Investment Schemes Control Act, 2002
Notice 569 of 2003
1. Definitions
2. Statements and information
3. List of assets
4. Reporting to investors
5. Lodging of copies of certain documents with registrar
6. Fees and penalties
7. Manner of payment of fees and penalties
8. Interest in respect of unpaid fees and penalties
9. Application for association licence
10. Form of association licence
11. Application for registration as manager
12. Form of registration certificate of manager
13. Application for approval of additional portfolio
14. [Repealed] Application of due diligence guidelines
15. Resolution authorising conversion
16. Commencement
Annexures
Annexure A : Application form for issue or renewal of an association licence
Annexure B : Association Licence
Annexure C : Application form for registration as Manager
Annexure D : Certificate of Registration of Manager
Annexure E : Approval of Additional Portfolio
Exemption of Collective Investment Scheme
Notice No. 576 of 2003
Suspension of Provision of Deed in Terms of the Collective Investment Schemes Control Act, 2002
Notice No. 574 of 2009
1. Definitions
2. Motivation
3. Suspension of Provisions
4. Determination of matters to be complied with
Determination of Fit and Proper Requirements and Conditions for Managers of Collective Investment Schemes
Notice No. 910 of 2010
1. Definitions
2. Introduction
3. Requirements for Appointment of Board of Directors of Managers
4. Fit and Proper Requirements for Directors
5. Operational Requirements For Manager
6. Financial Soundness of Manager
7. Management and Supervision by Manager
8. Risk Management by the Manager
9. Complaint Resolution by Manager
10. Compliance Report for Managers
Annexure A
Exemption of Manager of Collective Investment Scheme
Notice No. 408 of 2011
Determination of the Limits and Conditions for Third Party Named
Notice No. 778 of 2011
Preamble
Part I : Application and Definitions
1. Application of Notice
2. Definitions
Part II : Incubator Portfolios
3. Application
4. Naming
5. Duration
6. Agreements
7. Disclosure
8. Portfolios under Administration
Part III : Co-Named Portfolios
9. Application
10. Naming
11. Agreements
Part IV : General Provisions
12. Minimum Size of Portfolios
13. Duplicate Portfolio
14. Transitional Arrangements
15. Short Title
Declaration of Hedge Fund Business as a Collective Investment Scheme
Notice No. 141 of 2015
Board Notices
Rules for the administration of a Collective Investment Scheme in participation bonds
Board Notice 65 of 2014
1. Definitions
2. Valuation of property and screening of borrower
3. Approval of loans
4. Maximum amount of bond
5. Maximum amount of bond: Collateral security
6. Valuation, maintenance and inspection of property
7. Insurance of property
8. Safe custody of documentation
9. Offer of participatory interests
10. Disclosure of information in application form
11. Receipt of funds for investment in a scheme
12. Funds received in reduction of principal debt
13. Registers to be kept by manager
14. Power of manager to exercise and enforce rights ...
15. Rights of participants: recovery of debts
16. Rights of participants: legal proceedings
17. Duty of participants to refund legal costs not recovered
18. Assets of nominee company not included in a scheme
19. Distribution of funds received in reduction of principal debt
20. Payment of interest to participants
21. Statements of account
22. Cession, transfer or encumbering of participatory interest and withdrawal of investment
23. Insurance
24. Appointment of new manager
25. Termination of scheme
26. Duty of manager upon termination of scheme
27. Amalgamation and cession of rights or take-over of ...
28. Notices
29. Electronic and telephonic transacting
30. Rules are binding
31. Repeal and commencement
Determination of Securities, Class of Securities, Assets or Classes of Assets that may be included in a portfolio of a Collective Investment Scheme in Securities and the manner in which and the limits and conditions subject to which Securities or Assets m
Board Notice No. 90 of 2014
Preamble
1. Definitions
Chapter l : Standard Portfolio
2. Application of Chapter
3. Conditions and limits of inclusion
Chapter ll : Money Market Portfolio
4. Definitions
5. Determination of money market instruments
6. Inclusion limits
7. Reduction of participatory interests
8. General
Chapter lll : Fund of Funds Portfolio
9. Definitions
10. Conditions and limits of inclusion
Chapter lV : Feeder Fund Portfolio
11. Definition
12. Conditions and limits of inclusion
Chapter V : Inclusion of Financial Instruments in a Portfolio
13. Definitions
14. Inclusion of financial instruments in a portfolio
15. Exposure limits for listed financial instruments
16. Maintaining of certain assets in a portfolio of listed financial instruments
17. Maintaining of certain assets in a portfolio for unlisted financial instruments
18. Calculation of effective exposure for listed financial instruments
19. Assets in liquid form associated with listed and unlisted financial instruments to be maintained in terms of this Chapter
20. Report by the manager
Chapter Vl : Foreign Equity and Foreign Non-Equity Securities
21. Guidelines for due diligence investigation
Chapter Vll : General
22. Disclosure of fees
23. Consequences of repurchases
24. Operational trust account
25. Transitional measures
26. Repeal and commencement
Annexure A
Report of Compliance Officer or Manager in respect of System of Internal Control
Advertising, marketing and information disclosure requirements for collective investment schemes
Board Notice 92 of 2014
Part I : Definitions, Objectives and Application
1. Definitions
2. Objectives
3. Application
Part II : General Rules for Marketing and Advertising
4. General standards for marketing and advertising a collective investment scheme
5. General advertising requirements
Part III : Mandatory Disclosures
6. Mandatory disclosures
Part IV : Performance Disclosures
7. General performance disclosure requirements
8. Past performance disclosure requirements
9. Publishing of performance
10. Ranking of portfolios
11. Illustrative reporting of investment performance
12. Publication of prices
13. Comparative advertising
14. Advertising of awards and credit ratings
Part V : Information Disclosure
15. General requirements for information disclosure
16. General requirements for the Minimum Disclosure Document
17. Minimum Disclosure Document format
18. Application forms and process
Part VI : General Provisions
19. Lodging of material with the registrar
20. Commencement and transitional arrangements
21. Short title
Determination on the requirements for hedge funds
Board Notice 52 of 2015
Part 1 : Introduction
1. Definitions
2. Objects and registration
Part 2 : Qualified Investor Hedge Fund
3. Specific duties applicable to a manager of a QI Fund
4. Leverage
5. Liquidity and repurchases
Part 3 : Retail Hedge Fund
6. Liquidity and repurchases
7. Fees
8. Counterparty exposure
9. Collateral
10. Permitted assets and securities
11. Non-permitted asset classes
12. Derivatives
13. Financial indices
14. Exposure
15. Monthly reporting to the registrar
Part 4 : General Provisions Applicable to all Hedge Funds
16. Permitted structures
17. Collateral
18. Platforms and hosting arrangements
19. Fund administration
20. Prime Broker
21. Counterparties
22. Valuation and pricing
23. Remuneration and reward policy
24. Risk management, risk ...
25. Execution
26. Short-selling
27. Disclosure and reporting to investors
28. Annual report
29. Quarterly reporting to the registrar
Part 5 : Miscellaneous
30. Transitional arrangements
31. Short title and commencement
Annexure A : Exposure Limits for Permitted Assets
Table 1: For Equity Securities ...
Table 2: For Interest Rate Instruments
Table 3: Money market instruments, ...
Table 4: Market risk and total ...
Table 5: Investing in other portfolios
Determination of conditions and the manner in which participatory interests in collective investment schemes in securities, property and participation bonds may be issued to an investor as a tax free investment
Board Notice 53 of 2015
1. Preamble
2. Definitions
3. Conditions
4. Commencement
Fees payable in terms of the Collective Investment Schemes Control Act, 2002
Board Notice 71 of 2015
1. Definitions
2. Fees
3. Payment of fees
4. Interest payable in respect of overdue fees
5. Short title
Capital requirements with which a manager of a collective investment scheme in hedge funds must comply
Board Notice 84 of 2015
Preamble
1. Capital to be maintained by manager
2. Fixed expense amounts
3. Reporting to Registrar
4. Evaluation of risk
5. Commencement
Exemption of a manager of a collective investment scheme in securities, property and participation bonds from certain provisions of Board Notice 53 of 2015
Board Notice 98 of 2015
Exemption of managers of the collective investment schemes in securities from duty to maintain see capital in exchange traded portfolios
Board Notice 104 of 2015
Suspension of certain provisions of the MET Collective Investment Scheme Deed
Board Notice 130 of 2015
Capital requirements with which a manager of a collective investment scheme in participation bonds must apply
Board Notice 138 of 2015
Preamble
Exemption of a category of persons conducting the business of a hedge fund from certain provisions of the Collective Investment Schemes Control Act, 2002
Board Notice 140 of 2015
1. Definitions
2. Background and Purpose
3. Extent of exemption
4. Commencement
"this Act"
includes a regulation, notice, rule and any other measure having the force of law made under this Act;
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