COLLECTIVE INVESTMENT SCHEMES CONTROL ACT, 2002 PROPOSED DIRECTIVE REGARDING REPORTING BY THE TRUSTEE ON NON-COMPLIANCE MATTERS: DRAFT NOTICE OF 2016
The Registrar of Collective Investment Schemes (Registrar) recently published a Draft Notice of 2016 entitled “Directive Regarding Reporting by the Trustee on Non-Compliance Matters” (Draft Directive).
The purpose of the Draft Directive is to: (a) direct the trustees of collective investment schemes to comply with the requirements for reporting matters of non-compliance to the Registrar; and (b) allow the Registrar to create an appropriate risk assessment on the managers’ compliance culture.
If approved in its current form, the Direct Directive will require trustees to submit reports containing information on how the collective investment scheme is administered by the manager and a report on any irregularity or undesirable business practices concerning the collective investment scheme. The reports will be submitted to the Registrar on a monthly basis.
The reports will enable the Registrar to assess the extent of compliance of a manager and any risks that may be applicable to that manager.
The Draft Directive is still in draft form.
Please click here to access the Draft Directive.
For further information or assistance, please contact Francisco Khoza - head of Banking & Finance Department at Bowmans.