| (1) |
The manager must avoid conflict between the interests of the manager and the interests of an investor. |
| (2) |
The manager must disclose the interests of its directors and management to the investors. |
| (3) |
A manager must maintain adequate financial resources to meet its commitments and to manage the risks to which its collective investment scheme is exposed. |
| (a) |
organise and control the collective investment scheme in a responsible manner; |
| (c) |
employ adequately trained staff and ensure that they are properly supervised; |
| (d) |
have well-defined compliance procedures; |
| (e) |
maintain an open and cooperative relationship with the office of the registrar and must promptly inform that office about anything that might reasonably be expected to be disclosed to such office; and |
| (f) |
promote investor education, either directly or through initiatives undertaken by an association. |
| (a) |
A manager may, with the approval of the registrar and in writing, delegate any function listed in the definition of 'administration' to any person (in this section referred to as the 'delegated person'). |
| (b) |
Anything done or omitted to be done by the delegated person in the performance of a function so delegated, must be regarded as having been done or omitted by the manager. |
| (c) |
The registrar has, in respect of a delegated person, all the powers and duties conferred or imposed upon the registrar in respect of a manager. |
| (d) |
If a manager delegated any function listed in the definition of 'administration' to any person without the prior approval of the registrar before the commencement of section 209 of the Financial Services Laws General Amendment Act, 2013, that delegation must be regarded as having been made in terms of paragraph (a) for a period of six months, reckoned from the date of such commencement, during which period the manager must apply for approval, and after the expiration of that six-month period, the deemed period will expire. |
[Subsection 5 inserted by section 209 of Act No. 45 of 2013]
Older Persons Act, 2006
