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South Africa
NATIONAL LEGISLATION OVERVIEWS
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Collective Investment Schemes Control Act, No. 45 of 2002

Long title


To regulate and control the establishment and administration of collective investment schemes; to amend or repeal certain laws; and to provide for incidental matters.

Table of contents

SECTION TITLE

ARRANGEMENT OF SECTIONS

PART I. COLLECTIVE INVESTMENT SCHEMES
1. Definitions
1A. Relationship between Act and Financial Sector Regulation Act [...inserted by Act 2017_009_290_20170822]
1B. Regulatory instruments [...inserted by Act 2017_009_290_20170822]
2. Principles for administration of collective investment scheme
3. Disclosure of information
4. Duties of manager
5. Requirement for administration of collective investment schemes [..Title amended by Act ... - was entitled "Requirement for administration of collective investment schemes"]**
6. Prohibition of misleading names and acts
7. ... [...repealed by Act 2017_009_290_20170822 - was entitled "Registrar and deputy registrar of collective investment schemes"]
8. ... [...repealed by Act 2013_045_212_20140116 - was entitled "Collective Investment Schemes Advisory Committee"]
9. ... [...repealed by Act 2013_045_212_20140116 - was entitled "Appointment of members of advisory committee and termination of appointment"]
10. ... [...repealed by Act 2013_045_212_20140116 - was entitled "Functions of advisory committee"]
11. ... [...repealed by Act 2013_045_212_20140116 - was entitled "Meetings of advisory committee"]
12. ... [...repealed by Act 2013_045_212_20140116 - was entitled "Subcommittees of advisory committee"]
13. ... [...repealed by Act 2013_045_212_20140116 - was entitled "Remuneration and expenses of members of advisory committee"]

PART II. FUNCTIONS OF REGISTRAR
14. ... [..Title amended by Act 2013_045_213_20140116 - was entitled "Special provisions concerning powers of registrar"] [...repealed by Act 2017_009_290_20170822 - was entitled "Inspections and on-site visits"]
15. Powers of registrar after investigation
15A. Powers of registrar in respect of financial soundness requirement [...inserted by Act 2013_045_215_20140116]
15B. ... [...inserted by Act 2013_045_215_20140116] [...repealed by Act 2017_009_290_20170822 - was entitled "Directives"]
16. Cancellation or suspension of registration of manager
17. Registrar may object to certain documents
18. ... [...Title amended by Act... - was entitled "Power of registrar to impose penalties for failure or inability to comply with requirements"] [...repealed by Act 2017_009_290_20170822 - was entitled "Power of registrar to impose fines"]
19. Power of registrar to request audit
20. Attendance of meetings of association and furnishing of certain documents to registrar
21. ... [...repealed by Act 2013_045_216_20140116 - was entitled "Declaration of certain practices as irregular or undesirable"]
22. ... [...repealed by Act 2017_009_290_20170822 - was entitled "Exemptions"]
23. Annual report by registrar [...repealed by Act 2017_009_290_20170822 - was entitled ""]
24. ... [...repealed by Act 2017_009_290_20170822 - was entitled "Board of Appeal"]

PART III. ASSOCIATION OF COLLECTIVE INVESTMENT SCHEMES
25. Application for association licence
26. Issue or renewal of association licence
27. Refusal of renewal of association licence
28. Cancellation or suspension of association licence
29. Restriction on use of name or description implying connection with association
30. Delegation of functions of executive committee
31. Suspension of administration of collective investment scheme
32. Rules of association
33. Power of court to declare member disqualified
34. Voluntary dissolution of association
35. Winding-up of association by court
36. Business rescue of association [...Title substituted by Act 2013_045_219_20140116 - was entitled "Judicial management of association"]
37. Appointment of liquidator [...Title amended by Act 2013_045_220_20140116 - was entitled "Appointment of judicial manager or liquidator"]
38. Report by association to registrar

PART IV. COLLECTIVE INVESTMENT SCHEMES IN SECURITIES
39. Definition
40. Determination of securities or classes of securities
41. Restrictions on administration of collective investment scheme in securities
42. Procedure for registration of manager of collective investment scheme in securities
43. Change of name of manager, portfolio or collective investment scheme in securities and change of shareholding or directors and removal of appointees
44. Determination of market price of securities
45. Foreign securities in which collective investment scheme in securities may invest
46. Limitation on investment in portfolio

PART V. COLLECTIVE INVESTMENT SCHEMES IN PROPERTY
47. Definitions
48. Restrictions on administration of collective investment scheme in property
49. Foreign country in which collective investment scheme in property may invest
50. Listing of participatory interests by exchange
51. Certain provisions of Part IV to apply in respect of manager of collective investment scheme in property

PART VI. COLLECTIVE INVESTMENT SCHEMES IN PARTICIPATION BONDS
52. Definitions
53. Restrictions on administration of collective investment scheme in participation bonds
54. Restrictions on business of collective investment scheme in participation bonds
55. Capacity of manager
56. Registration of participation bonds in name of nominee company
57. Rights of participant
58. Minimum investment period
59. Participatory interests rank in preference concurrently
60. Restrictions on rights of nominee company
61. Collateral security in respect of participation bonds

PART VII. DECLARED COLLECTIVE INVESTMENT SCHEMES
62. Definition
63. Declaration of specific type of business as collective investment scheme for purposes of Act
64. Certain provisions to apply in respect of declared collective investment scheme

PART VIII. FOREIGN COLLECTIVE INVESTMENT SCHEMES
65. Restrictions on foreign collective investment scheme to carry on business in Republic
66. Reciprocity
67. Withdrawal of approval of foreign collective investment scheme

PART IX. TRUSTEE OR CUSTODIAN
68. Appointment and termination of appointment of trustee or custodian
69. Qualifications and registration of trustee or custodian
70. Duties of trustee or custodian
71. Status of assets
72. Liability of trustee or custodian in respect of loss of assets

PART X. AUDITOR
73. Appointment and approval of auditor
74. Accounting records and audit
75. Duty of auditor to disclose irregularity or undesirable practice

PART XI. CONVERSION OF COLLECTIVE INVESTMENT SCHEME
76. Definitions
77. Conversion of collective investment scheme
78. Application for registrar's approval
79. Consideration of application
80. Resolution by investors
81. Registration of Memorandum of Incorporation by Companies and Intellectual Property Commission [...Title amended by Act 2013_045_231_20140116 - was entitled "Registration of memorandum and articles of association by registrar of companies"]
82. Certificate of registration of conversion and notice in Gazette
83. Effects of conversion
84. Issue of participatory interests to persons who were investors in former collective investment scheme

PART XII. GENERAL
85. Restrictions on assets which may be included in or lent by portfolio of collective investment scheme
86. Business capacity of manager
87. Definition
88. Capital requirement which manager must maintain
89. Obligation of manager to maintain capital requirement and failure or inability to comply
90. Financial statements and other information to be furnished by manager
91. Exercise of voting power by manager
92. Unauthorised gain derived from acquisition of assets
93. Permissible deductions from portfolio
94. Calculation of price and limitation of amount of rounding-off accrual
95. Sale of participatory interests only on payment of full purchase price and restriction on the lending or borrowing of money
96. Power of manager to borrow money to bridge liquid asset shortfalls of portfolio
97. Matters which must be provided for in deed
98. Void provisions of deed and amendment of deed
99. Amalgamation of business of collective investment schemes or portfolios and cession, transfer or take over of rights of investors
100. Contents of price list, advertisement, brochure and similar document
101. Principal office and public officer in Republic
102. Winding-up of portfolio of collective investment scheme
103. Manner of dealing with trust property on winding-up of portfolio
104. Separation of assets of portfolio handed to or received by manager, trustee or custodian
105. Separation of funds of investors and other persons
106. False or misleading statements
107. Fraudulently inducing person to purchase or deal in participatory interests
108. Evidence
109. Liability for loss
110. Certain written matter to bear names of certain persons
111. Application of Companies Act in relation to manager
111A. Business rescue of manager [...inserted by Act 2013_045_236_20140116]
112. Delegation of functions
113. Exemption from Act 57 of 1988
114. Regulations by Minister and notices by registrar
115. Offences
116. Penalties
117. Repeal or amendment of laws and savings
118. Short title
Sch. 1. SCHEDULE 1. MATTERS WHICH MUST BE PROVIDED FOR IN DEED OF COLLECTIVE INVESTMENT SCHEME IN SECURITIES (SECTION 97)
Sch. 2.  SCHEDULE 2. MATTERS WHICH MUST BE PROVIDED FOR IN DEED OF COLLECTIVE INVESTMENT SCHEME IN PROPERTY (SECTION 97)
Sch. 3.  SCHEDULE 3. LAWS REPEALED OR AMENDED BY THIS ACT (SECTION 117)
Sch. 4. SCHEDULE 4. MATTERS TO BE PROVIDED FOR IN RULES OF ASSOCIATION (SECTION 32)

Legislation Text Access Point

Versions
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As amended by Act 2008_003_000_20080722  N/A REQ.INFO LINK
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