Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Board NoticesAdvertising, marketing and information disclosure requirements for collective investment schemesPart V : Information Disclosure15. General requirements for information disclosure |
| (1) | A manager must ensure that disclosure of any information in respect of a collective investment scheme is fair, consistent, transparent and accurate. |
| (2) | In order to achieve the objective of fair treatment of investors, a manager must ensure that disclosure of any information is provided in plain language which is concise, clear and not misleading. |
| (3) | Subject to the requirement being provided for in the supplemental deed of a respective portfolio, a manager must disclose in all marketing material that the manager has a right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. |
| (4) | A manager must disclose quarterly to an investor by way of an investor statement, the following minimum information— |
| (a) | the series or class of assets invested in; |
| (b) | the net asset value and participatory interest price multiplied by the number of notional participatory interests held in the portfolio; |
| (c) | equalisation credit (where applicable); |
| (d) | return for the quarter; |
| (e) | transactions processed; |
| (f) | subscriptions (new investments) and number of participatory interests; |
| (g) | management fees; and |
| (h) | performance fee / incentive fee. |
| (5) | A manager must publish on its website quarterly, a general investor report, which must also be available to investors on request, that details— |
| (a) | the number of participatory interests; |
| (b) | net asset value per participatory interest; |
| (c) | an analysis of the portfolio with reference to the extent to which it has or has not adhered to its policy objective; |
| (d) | total expense ratio applicable to the portfolio; |
| (e) | a statement of changes in the composition of the portfolio during the reporting period; and |
| (f) | any additional information relevant for the portfolio, taking account of the requirements for the MDD. |