• 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 [Repealed] Registrar and deputy registrar of collective investment schemes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 [Repealed] Collective Investment Schemes Advisory Committee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 [Repealed] Appointment of members of advisory committee and termination of appointment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 [Repealed] Functions of advisory committee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 [Repealed] Meetings of advisory committee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 [Repealed] Subcommittees of advisory committee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 [Repealed] Remuneration and expenses of members of advisory committee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 [Repealed] Inspections and on-site visits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 [Repealed] Directives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 [Repealed] Declaration of certain practices as irregular or undesirable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 [Repealed] Annual report by registrar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 [Repealed] Board of Appeal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 may be so included
    • 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