Statistics Act, 1999
R 385
Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)NoticesDetermination of Fit and Proper Requirements and Conditions for Managers of Collective Investment Schemes7. Management and Supervision by Manager |
| (1) | A manager must comply with standards of internal organisation and operational conduct that aim to protect the interests of investors and ensure proper management of risk. |
| (2) | A manager must conduct its business in a way that protects the interests of investors and helps preserve the integrity of the collective investment schemes industry. |
| (3) | A manager is responsible for ensuring appropriate internal policies and procedures for compliance with relevant legislation and appropriate internal controls and risk management systems. Senior management must understand the business, its internal control procedures and environment and its policies on the assumption of risk. |
| (4) | A manager must ensure that internal control structures, procedures and controls are in place including inter alia: |
| (a) | Documentation relating to business processes, policies and controls, and technical requirements; |
| (b) | system application testing; |
| (c) | disaster recovery and back-up procedures on electronic data; |
| (d) | appropriate training for all staff regarding the requirements of relevant legislation; and |
| (e) | a business continuity plan. |
| (5) | A manager must record all financial and system procedures to ensure that the manager is able to report in terms of applicable accounting requirements. |
| (6) | A manager must ensure that the necessary controls and compliance procedures are in place to manage and monitor the relevant system(s) in use. |
| (7) | A manager must have general administration processing, accounting transactions and risk control measurements in place to ensure accurate, complete and timeous processing of data, information reporting and the assurance of data integrity. |
