Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)NoticesDetermination of Fit and Proper Requirements and Conditions for Managers of Collective Investment Schemes5. Operational Requirements For Manager |
| (1) | A manager must have and be able to maintain the operational ability to fulfil the responsibilities imposed on it by the Act, including but not limited to the following: |
| (a) | A principal office; |
| (b) | adequate storage and filing systems for the safe-keeping of records, business communications and correspondence; |
| (c) | adequate access to communication facilities including at least a full-time telephone or cell phone service, internet, typing and document duplication facilities; and |
| (d) | the necessary policies, procedures and systems to ensure full compliance with the Financial Intelligence Centre Act, 2001, and other applicable anti-money laundering or terrorist financing legislation. |
| (2) | A manager that utilises any third party to render administrative or system functions on its behalf, must have in place a detailed service level agreement, specifying the agreed services, time, standards, roles and responsibilities and any penalties that might be applicable. |