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Release of the Draft Regulations by the Financial Services Board and National Treasury

17 April 2014   (0 Comments)
Posted by: Author: National Treasury
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Author:  National Treasury

The National Treasury ("Treasury”) and Financial Services Board ("FSB”) release today, for public comment, the draft Regulations ("Regulations”) and related Explanatory Memorandum for hedge funds.

In 2012, South Africa, as a committed member of the G20, embarked on a process to enhance and expand the scope of regulation and oversight over hedge funds, following the Global Financial Crisis in 2008. This process culminated in the release for public comment, on 13 September 2012, of the Treasury and FSB proposed framework for regulating hedge funds in South Africa. 

The extensive comments received from industry participants, industry bodies, regulatory bodies and other interested parties were carefully considered by the Treasury and FSB, and laid a good foundation for these draft Regulations. Industry participants and bodies were also invited to provide input during the Regulations drafting process. 

The final Regulations will be effected through the existing Collective Investment Schemes Control Act, No. 45 of 2002 ("CISCA”), as a scheme declared by the Minister of Finance in terms of section 63 of CISCA. The declaration will also include those provisions of CISCA that will be applicable to hedge funds. These draft Regulations are issued for public comment by the Registrar of Collective Investment Schemes, as enabled and empowered by CISCA. 

The intention is to still finalise the Regulations by the second quarter of this year. However, this will be dependent on the nature and extent of the comments received, which could necessitate the finalisation in the third quarter of 2014. 

Please click here to view full press release.

Pleas click here to view draft hedge fund regulations.

Please click here to view hedge fund regulations EM.

Please click here to view Hedge Fund Structures.

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Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.


The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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