The Financial Sector Conduct Authority (FSCA) has issued a Guidance Notice on the application of section 93 of the Collective Investment Schemes Control Act, 45 of 2002 (CISCA).

Section 93 of CISCA determines which costs and charges may be deducted from a CIS portfolio by a CIS manager.

As a result of new products being introduced to the market in recent years, the associated costs and charges related to such products require consideration. The Guidance Notice attempts to provide more insight into the approach that the FSCA follows when applying section 93 of CISCA.

To read the Guidance Notice, click here.