The Licensing and Registration Department registers managers of local collective investment schemes after being satisfied that they meet the fit and proper requirements and conditions for registration, supervise such schemes on an on-going basis to ensure that they comply with the duties imposed by the Act at all times and take the necessary regulatory action against those who do not comply, which include unregistered entities or persons.

The Licensing and Registration Department is also responsible for the approval of foreign collective investment schemes and portfolios should they comply with the conditions in terms of which foreign collective investment schemes may solicit investments in the Republic of South Africa.

Our services

Registration Department is responsible for:

• Applications for new managers of collective investment schemes in securities, hedge funds, property and participation bonds;
• Additional collective investment schemes in securities, hedge funds, property and participation bonds
• Additional portfolios of collective investment schemes in securities, hedge funds, property and participation bonds
• The approval of foreign collective investment schemes for marketing in south africa, categorised as a collective investment scheme in security or a hedge fund
• Additional sub-funds for foreign collective investment schemes
• Amendments to local and foreign collective investment schemes/portfolios
• Change in shareholding of local managers
• Approval of directors of local managers
• Amalgamations of local collective investment schemes and portfolios
• Terminations of local collective investment schemes and/or portfolios

We are responsible for the regulation and supervision of securities exchanges central securities depositories, clearing houses, central counterparties and trade repositories with the aim of ensuring that the South African capital markets are fair, efficient and transparent. We also uphold the confidence in the South African capital markets, promotion of the protection of investors, reduction of systemic risk and promotion of the international and domestic competitiveness of the South African capital markets.

The Securities Regulatory Framework enables issuers to list its securities (shares, derivatives and bonds) on an exchange and creates a safe environment for investors to buy and sell listed securities and to place their securities for safe custody with a central securities depository.

Credit Ratings are an integral part of the Investment Institutions division which is responsible for the oversight of financial markets. They are committed to meeting G20 recommendations on the regulation of credit rating agencies (CRAs) and as such, committed to assisting the Financial Sector Conduct Authority in executing its responsibilities.

Our regulatory approach is to have a risk-based supervisory model and to avoid excessive regulatory encumbrance. We also encourage high standards of ethical conduct and integrity from the FSCA and its people by demonstrating professionalism, independence, efficiency, leadership and resolve in the discharge of our responsibilities and we ensure administrative fairness utilising a consultative process and emphasising our accessibility, transparency and accountability in the performance of our functions.

We supervise credit rating agencies and monitor their role in financial markets and are committed to meeting the G20 recommendations on the regulation of Credit Rating Agencies, which include, inter alia, creating a regulatory framework for credit rating agencies and mandatory registration of CRAs.

The department draws on the recommendations of the International Organisation of Securities Commission (IOSCO) and the work undertaken by a number of international organisations.

FAIS licensing and registration process

The Registration Department is responsible for:

• New licence applications
• Profile changes (amendments to licences)
• Updating the central representative register
• Approval of mandates and application forms for discretionary FSPS and administrative FSPS
• Approval of compliance officers
• Approval of nominee companies
• Liaison with the FSCA’s Finance Department relating to the collection of levies
• Fit and Proper requirements

The Insurance Division supervises and enforces insurers’ compliance with the conduct of business requirements of the Long- and Short-term Insurance Acts and subordinate legislation made under these Acts. The division also develops regulatory proposals on how these requirements may need to be adapted to best meet the objectives of insurance regulation and supervision.

This includes the development of legislative and regulatory frameworks, supervision of legislative and regulatory frameworks, and the assessment of complaints received against insurers and entities who conduct unregistered business (in accordance with a delegation from the Prudential Authority).

The Licensing and Registration Department approves and registers retirement funds if the funds comply with the prescribed requirements and the registration of these funds is desirable in the public interest in terms of the Pension Funds Act (PFA) and approve benefit administrators after being satisfied that they comply with the conditions as prescribed in Board Notice 24 of 2002.

Supervise such funds and benefit administrators on an on-going basis to ensure compliance with the duties imposed by the PFA at all times and take necessary regulatory action against non-complying entities

Our services

Registration is responsible for:

• New fund registrations - Registration of a new fund in terms of section 4 and regulation 30 of the PFA.
• Amendments to registered rules – Registration of amendments to the rules in terms of section 12 of the PFA.
• Revised & Consolidated Rules – Registration of a Revised Rules in terms of section 12 and regulation 30 of the PFA
• Special Rules – Registration of rules to govern a new participating employer’s participation in Umbrella Funds in terms of section 12 of the PFA.
• Revised Special Rules – Registration of revised Special Rules in Umbrella Funds in terms of section 12 of the PFA.
• Extensions – extension to submit outside the prescribed periods in terms of section 31(1) and (2) of the PFA and Condition 11 of Board Notice 24 of 2002.
• Change of administrator - Change of administrator in terms of Condition 4 of Board Notice 24 of 2002.
• Notification of Fund Officers – Monitoring person in terms of section 13A(6) and Principal Officer in terms of section 8 of the PFA and Directive 5
• Cancellation of funds and Termination of participating employers – Cancellation of funds in terms of section 27 and termination of participating employers in terms of section 12 of the PFA
• Approval of Benefit Administrators – Approval of benefit administrators in terms of section 13B of the PFA and Board Notice 24 of 2002.
• Profile changes (any changes after approval /registration of the information submitted during the application process must be communicated to the Registrar.)