Limitation on assets to be held in the Republic
Item
|
Categories or kinds of assets
|
Maximum percentage of aggregate fair value of total assets of scheme
|
1)
Deposits and balances in current and savings accounts with a bank, including 100% instruments and structured bank notes in negotiable deposits, money market terms of which such a bank or mutual bank is liable, as well as margin deposits with SAFEX, and collateralised deposits,
is liable, as well as margin deposits with :
| i) | per bank with net qualifying capital and reserve funds per Reserve Bank Dl900 return greater than R 5 billion |
| ii) | per bank with net qualifying capital and reserve funds per Reserve Bank Dl900 return greater than R 100 million |
| iii) | deposits collateralised with securities issued by Securities Masters Agreement appropriate International government of the RSA where an (ISMA) has been concluded |
| b) | Territories outside the Republic - |
Deposits and balances in current and savings accounts with a bank, including negotiable deposits, and money market instruments in terms of which such a bank is liable :
|
100%
35%
10%
20%
15%
10%
|
| 2) | Bills, bonds and securities issued or guaranteed by and loans to or guaranteed by : |
| i) | instruments guaranteed by the government of the RSA |
| ii) | a local authority authorized by law to levy rates upon immovable property |
| iv) | Industrial Development Corporation (IDC) |
| v) | Infrastructure Finance Corporation Limited (INCA) |
| vi) | Land and Agricultural Bank |
| vii) | Trans-Caledonian Tunnel Authority (TCTA) |
| xi) | Per bank with net qualifying capital and reserve funds per Reserve Bank Dl900 return greater than R5 billion |
| xii) | Per bank with net qualifying capital and reserve funds per Reserve Bank Dl900 return greater than R100 million |
| xiii) | Per corporate institution not included in above categories where debt is traded on the Bond Exchange of South Africa and included in the Other Bond Index (OTHI) or All Bond Index (ALBI) |
| xiv) | Per other institution not included in above categories, which is approved by the Registrar |
| b) | Territories outside the Republic |
|
100%
100%
10%
20%
20%
20%
20%
20%
20%
20%
20%
35%
10%
10%
10%
15%
10%
|
| 3) | Immovable property and claims secured by mortgage bonds thereon. Units in unit trust schemes in property shares and shares in, loans to and debentures, both convertible and non-convertible, or property companies : |
| i) | Per single property, property company or development project |
| b) | Territories outside the Republic |
|
10%
2.5%
0%
|
|
|
| 4) | Preference and ordinary shares in companies excluding shares in property companies. Convertible debentures, whether voluntary or compulsory convertible, exchange traded funds, units in equity unit trust schemes with the objective to invest mainly in shares and linked policies of insurance with the proceeds and value determined by the performance of an underlying equity portfolio. These investments are subject to the following limitations : |
| i) | Unlisted shares, unlisted debentures and shares and convertible debentures listed in the Development Capital and Venture Capital sectors of the JSE Securities Exchange |
| ii) | Shares and convertibles listed on the JSE Securities Exchange other than in the Development Capital and Venture Capital sectors: |
| aa) | Per company with a market capitalisation of more than R 50 billion |
| bb) | Per company with a market capitalisation of between R5 billion and R 50 billion |
| cc) | Per company with a market capitalisation of less than R5 billion |
| iii) | Exchange traded funds traded on the JSE Securities Exchange : |
| aa) | Per fund with diversified holdings across the component sectors of the JSE Securities Exchange |
| bb) | Per fund with holdings focused in sub-sectors of the JSE Securities Exchange |
| iv) | Units in equity unit trusts or pooled equity managed funds: |
| aa) | Per unit trust with diversified holdings across the component sectors of the JSE Securities Exchange |
| bb) | Per fund with holdings focused in sub-sectors of the JSE Securities Exchange |
| iv) | Policies of insurance linked to the performance of underlying equities or equity indices : |
| aa) | Per policy of insurance with diversified equity holdings across the component sectors of the JSE Securities Exchange |
| bb) | Per policy of insurance with underlying equity investment focused in sub-sectors of the JSE Securities Exchange |
| b) | Territories outside the Republic |
|
40%
2.5%
7.5%
5%
2.5%
20%
10%
40%
20%
20%
20%
10%
0%
|
| 5) | Listed and unlisted debentures : |
| b) | Territories outside the Republic |
|
5%
0%
|
|
|
| 6) | Policies of insurance with : |
| a) | Insurers registered in the Republic – |
| i) | Per registered insurer where the policy proceeds are not directly linked to the market value of the underlying assets |
| ii) | Per registered insurer where the policy proceeds are directly linked to the market value of the underlying assets and the underlying assets are invested in a balanced manner across the asset classes and categories stipulated in Sections 1 - 7 above - complying with all the stated maxima and minima |
| b) | Insurers registered in territories outside of the Republic |
|
90%
35%
90%
0%
|
| 7) | Any other assets not referred to elsewhere in this Annexure : |
| i) | Where inventories are included, inclusion at the smaller of book and realisable value |
| b) | Territories outside the Republic |
|
2.5%
2.5%
2.5%
0%
|
