Public Service Commission Act, 1997
R 385
Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Board NoticesDetermination on the requirements for hedge fundsPart 4 : General Provisions Applicable to all Hedge Fund19. Fund administration |
| (1) | A manager must conduct proper due diligence when appointing a fund administrator and must ensure that its fund administrator— |
| (a) | is an FSP; |
| (b) | is a juristic person; |
| (c) | is domiciled in the Republic; |
| (d) | has the requisite experience, knowledge and capital; and |
| (e) | has adequate internal controls and systems to ensure proper administration of the portfolio. |
| (2) | Despite the provisions of subparagraph (1), where the assets of the portfolio are held in a foreign country, the manager may appoint a fund administrator regulated by an appropriate supervisory authority and subject to on-going supervision by that supervisory authority, to perform the functions of a fund administrator. |
| (3) | Where the manager itself performs the fund administration services, the registrar may request an independent verification of the appropriateness of the administration system and capabilities. |
