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COLLECTIVE INVESTMENT SCHEMES: MANAGERS EXEMPT FROM CERTAIN REQUIREMENTS
- 09 February 2023
- Financial Sector
- SA Legal Academy
The Financial Sector Conduct Authority (FSCA) has issued a notice exempting the managers of collective investment schemes from some requirements prescribed in sub-section 99(1) of Collective Investment Scheme (CIS) Control Act, 2002 (amalgamation of the business of collective investment schemes or portfolios and cession, transfer or take-over of the rights of investors). The exemption came into effect on 8 February 2023.
According to an accompanying FSCA communication, the exemption focuses on protecting investors not balloted in a portfolio targeted for amalgamation. While they are now given the opportunity to object, this is subject to conditions outlined in sub-section 2(2) of FSCA CIS Notice 8 of 2022. Unfortunately, this notice appears not to have been gazetted. Neither is it available on the FSCA website.
- exemption notice
- FSCA communication
- summary of comments received on a draft exemption released last year for stakeholder input
Published by SA Legal Academy Policy Watch