As part of the process of updating the existing Board Notice 910 of 2010 to better reflect international best practice and improve the supervisory framework in the CIS industry, the Financial Sector Conduct Authority (FSCA) published the Draft Conduct Standard on Governance, Fit and Proper and Other Requirements for Managers of Collective Investment Schemes (“the draft Conduct Standard”).  

The draft Conduct Standard applies to CIS managers (“mancos)”, and contains, amongst other things, improved fit and proper requirements for directors, updated complaint resolution procedures, additional conflict of interest requirements, liquidity risk management requirements, guidelines and requirements for the termination of portfolios and provisions for the application to amend or amalgamate portfolios.  

Comments on the draft Conduct Standard should be submitted via email to FSCA.RFDStandards@fsca.co.za on/before 15 February 2021. 

For more information regarding the draft Conduct Standard please contact Andile.Mjadu@fsca.co.za or Marius.DeJongh@fsca.co.za .