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Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)

Board Notices

Advertising, marketing and information disclosure requirements for collective investment schemes

Part IV : Performance Disclosures

9. Publishing of performance

 

(1) A manager must ensure that—
(a) publishing of performance of a portfolio is based on performance calculations which are done on a NAV to NAV basis over all reporting periods; provided that where a NAV is not available, the value used to calculate the performance and which was agreed with the trustee must be clearly stated and a description of how the figures were calculated must be provided;
(b) reinvestment of income is calculated on the actual amount distributed per participatory interest, using the ex-dividend date NAV price of the applicable class of the portfolio, irrespective of the actual reinvestment date;
(c) all publication of performance is accompanied by a disclosure indicating that the performance is calculated for the portfolio, as well as that the individual investor performance may differ as a result of initial fees, the actual investment date, the date of reinvestment and dividend withholding tax.

 

(2) Where a manager has changed the manner and method of publishing performance, the manager must include notification to that effect in the three subsequent MDD documents.

 

 


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