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© 2013 VICS. All rights reserved.
Vics Compliance and Consulting Services (Pty) Ltd (VICS) is an approved compliance
practice (Compliance Practice No. 6514) offering compliance and consulting services
within the financial services sector in South Africa. VICS is a compliance practice
established with an intention to offer outsourced compliance services, consulting
and risk management. We at VICS are able to assist you with fostering good relationships
with the Regulators in order to achieve your business goals and to comply with regulations.
VICS has a dedicated and determined team with a wide range of experience in a variety
of financial products such as CIS, derivatives, structured products, hedge products,
short and long-
“VICS's goal is to provide efficient and professional support on compliance matters to financial services businesses. By undertaking the compliance function, VICS gives business owners/managers sufficient time and energy to focus on planning and implementation of their core business strategies rather than wasting precious time worrying about compliance matters. VICS was founded with a passion for compliance and a vision of delivering compliance services independently and cost effectively to clients on an outsourced basis.”
Victor Ndlhovu, CEO
Compliance means having processes, methods and procedures in your own business in order to comply with legislation and regulations governing the business with a view to operate within the ambit of the law and avoid penalties or sanctions.
By outsourcing your compliance function to VICS you will be relieved of the burden
of having to keep up to date with the constant changing legislation and avoid sanctions
or penalties due to oversight of certain compliance matters. Appointing VICS makes
logical sense where the size of your business may not warrant a full-
The regulation of Hedge Funds in South Africa
The National Treasury and the Financial Services Board (FSB) have released a proposed framework for the regulation of hedge funds for public comment. The South African hedge fund industry is relatively new and small in size, estimated at R31 billion, compared to US $2 trillion for the global hedge fund industry. Currently hedge funds in South Africa are not regulated, but the conduct of their managers is clearly regulated through the Financial Advisory and Intermediary Services Act, no. 37 of 2002 ("FAIS Act").
Draft Notice on Foreign Collective Investment to revise the conditions and limits on investing in foreign CIS contained in Notice 2076
The FSB has released for public comment the draft notice in respect of foreign collective investment schemes to be approved in terms of section 65 of the Collective Investment Scheme Control Act, no. 45 of 2002 ("CISCA"). Notice 2076 has been amended to eliminate and/or add principles and rules which will be considered in approving a foreign CIS wanting to solicit investment in our home jurisdiction.
Draft Notice: Determination of advertising and marketing requirements for CIS managers
The CIS department at the FSB has released a draft notice on advertising and marketing. The objective of this notice is to provide a legal framework with which the CIS Managers may advertise and market the product in a manner which ensures the investors bore their investment decisions on full, accurate and comprehensive information.
Participation Bonds
The FSB has released RULES for the administration of a Collective Investment Schemes in participation bonds for public comment.
TCF
Guidelines on how to be TCF compliant are available on the FSB website. See www.fsb.co.za for more information.
Exemption of Investment Administrators of Pension Funds from complying with Section 13B of the Pension Fund Act (“PFA”)
Pension fund administrators are no longer required to comply with section 13b of the PFA. The removal of complying with the requirements of this section is due to the fact that there was a duplication of complying with the same requirement by both the PFA and FAIS Act.
Message from the CEO
