Asset management in South Africa – Ten things to know

1. Licensing of asset managers South African asset managers must register as financial service providers (FSPs) with the Financial Services Board (FSB) under the Financial Advisory and Intermediary Services Act (FAIS). Any person carrying on asset management business in South Africa, or from abroad directed at South African clients, whether in a discretionary or non-discretionary capacity must be licensed as an FSP under FAIS. 2. Licensing of alternative fund managers A category of FSP licence tailored specifically for hedge fund managers (category IIA) was introduced in 2007. The FSB is (March 2018) seeking to introduce a category of FSP licence tailored specifically for private equity managers. The preliminary draft of the Code of Conduct for Private Equity Managers borrows a number of concepts from the EU’s Alternative Investment Fund Managers Directive. In particular, significant emphasis is placed on conflicts of interest, as well as remuneration and reward…

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