In South Africa the business of a hedge fund was declared a collective investment scheme under the Collective Investment Schemes Control Act, 2002 (“CISCA”) in 2015. The declaration resulted in a rapid scramble by the industry for registration with the Financial Services Board. Now that the dust of the registration process has settled, the industry is focusing on compliance with the hedge fund regulations and coming to terms with the new regulatory landscape.

This training course is a unique two-part course run over one full day offering participants the opportunity to attend one or both parts of the course depending on their requirements. Part I strives to bridge the gap between those who know about collective investment schemes or about hedge funds but not both promoting better compliance with the new regulatory regime. It also seeks to provide insight into the CISCA and hedge fund regulatory environment allowing participants to better anticipate and understand future regulatory developments. Part II strives to take the review of the new regulatory regime to the next level dealing with more complex issues from marketing rules, performance fees and NAV calculations to regulation 28 and the exchange control rulings. Part II will also include some practical case studies to allow the participants to gain a deeper level of understanding.

COURSE OUTLINE

 The following topics will be covered during the course:

Part I:
  • CISCA overview
  • Role and responsibilities of Manco and Trustee
  • The Deed
  • Bank accounts under CISCA
  • Interaction between CISCA and FAIS
  • CIS third parties and outsourcing to administrators
  • Board Notice 90 introduction
  • Notice 778
  • Marketing under CISCA introduction
  • Hedge Fund Regulations overview
  • QIHFs vs RHFs
  • How the hedge fund regulations interact with CISCA
  • Role of FSB
  • Role of ASISA
Part II:
  • ASISA guidelines: marketing rules, NAV calculations and performance fees
  • Application of category IIA FSP licence
  • Regulation 28 and investment into CIS and hedge funds
  • Tax-free savings accounts
  • Exchange control application to CIS and hedge funds
  • Practical exercises on the investment restrictions under CISCA and FAIS

For more information on the training course contact us at: info@attunesolutions.co.za