In this Schedule, "the Act" means the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002), and any word or expression to which a meaning has been assigned in the Act has that meaning and, unless the context otherwise indicates—

"advertisement"

means any direct or indirect visual or oral communication transmitted by any medium, or any representation or reference written, inscribed, recorded, encoded upon or embedded within any medium, by any means of which a person seeks to—

and the expression "advertising" has a corresponding meaning;

"annualised returns"

is the weighted average compound growth rate over the performance period measured;

"application form"

means the document that is completed by the investor applying for investment in a portfolio;

"financial services provider"

means an authorised financial services provider as defined in the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002);

"JSE Equities Rules"

means the JSE Equities Rules made by the JSE Limited, a licensed exchange under the Financial Markets Act, 2012 (Act No. 19 of 2012);

"manager"

includes an operator of a foreign collective investment scheme approved under section 65 of the Act;

"marketing material"

includes, brochures, prospectuses and websites;

"MDD"

means a minimum disclosure document, which is a short document containing key information pertaining to a portfolio or scheme that a manager provides to an investor to assist the investor in understanding the collective investment scheme product;

"NAV"

means net asset value, which is the total market value of all assets in a portfolio including any income accruals and less any deductible expenses such as audit fees, brokerage and service fees;

"portfolio"

includes a foreign collective investment scheme or a sub-fund of a foreign collective investment scheme;

"price"

means the price of a participatory interest being the NAV divided by the number of participatory interests in issue for that portfolio, as determined in the deed and related supplemental deed;

"total expense ratio"

means a measure of a portfolio's assets that have been expended as payment for services rendered in the management of the portfolio or collective investment scheme, expressed as a percentage of the average daily value of the portfolio or collective investment scheme calculated over a period of a financial year by the manager of the portfolio or collective investment scheme; and

"website"

has the meaning ascribed to it in section 1 of the Electronic Communications and Transactions Act, 2002 (Act No. 25 of 2002).