On Mar. 18, RSA FSCA exempted hedge funds from CIS requirements.
RSA FSCA issued notice on exemption of hedge fund managers from CIS requirements.
Exemption from certain requirements in notice 778/2011, per section 22, collective investments schemes controls act, section 281(3)(b), financial sector regulation act.
Exemption Details
Notice 778 refers to notice on determination of the limits and conditions for third party named portfolios of collective investment schemes, gazetted on Nov. 4, 2011.
Provides that assets under management of a third party named portfolio may not be less than R50m after a period of 3 years from date of approval of name of portfolio.
Section 12(2) further sets out procedures a manager must follow where it is clear that there will not be compliance with para 12(1) upon the expiry of the 3-year period.
Managers of hedge funds exempted from complying with requirements in section 12.
FSCA view that exemption of hedge fund managers is in the public interest.
Effectiveness
Exemption valid for a period of 3 years from Mar. 18, 2022.
