Scheme Deed Index Form DI - Financial Services Board

advertisement
SCHEME DEED INDEX
FORM DI
APPLICATION FOR APPROVAL TO OPERATE A COLLECTIVE
INVESTMENT SCHEME IN HEDGE FUNDS
FULL NAME OF MANAGER:
FULL NAME OF PERSON COMPLETING APPLICATION:
CONTACT DETAILS OF PERSON COMPLETING THE APPLICATION
TELEPHONE:
EMAIL:
Please send the completed form, supporting documents and prescribed fee (see
the Financial Services Board Fees available on the Board’s website) to the
address below.
Financial Services Board
Riverwalk Office Park
Block B
41 Matroosberg Road
Ashlea Gardens, Extention 6
Pretoria
0181
South Africa
Telephone: 012 428 8000
Website: www.fsb.co.za
SCHEME DEED INDEX
FORM DI
MINIMUM REQUIREMENTS TO BE CONTAINED IN THE SCHEME DEED FOR HEDGE FUNDS AS PER
THE MINISTER’S DECLARATION
Paragraph
in
Declaration
Requirement for Model Deed
Relevant
clause in
Draft
Model
Deed
(a)
Sub-paragraph (1)
The investment policy to be followed in respect of each
portfolio
25
(b)
The applicable investment restrictions, if any
25
(c)
The manner in which the assets of a portfolio are to be
valued for purposes of calculating the selling and
repurchase prices of participatory interests
34
(d)
The manner in which and the point at which the valuation
point will be applied either to the creation, sale, repurchase
or cancellation of participatory interests
27, 34
(e)
The frequency and basis on which the assets of a portfolio
are to be valued
The frequency of subscriptions and repurchases
Whether there is an early redemption fee
Whether there is a minimum subscription amount
In the event that any performance fees are charged, the
basis and method
as well as all the components of calculating the
performance fee must be
set out
34
The manner in which participatory interests are to be
created or cancelled
The manner in which distributions are to be calculated and
settled
The limits, terms and conditions under which a manager
may borrow
money
The charges that may be levied and the method of
calculation of those charges
24
That a written notice must be given to every investor of an
increase in any charge and of any change in the method of
calculation which could result in an increase or the
introduction of any additional charges not less than the
longer of three months or a period equal to three times the
redemption period
30
(f)
(g)
(h)
(i)
(j)
(k)
(l)
(m)
(n)
34
30
30
48
46
6
48, 60
Relevant
clause in
Scheme
Deed
SCHEME DEED INDEX
FORM DI
Paragraph
in
Declaration
(o)
(p)
(a)
(b)
(c)
Requirement for Model Deed
The manner in which the deed may be amended
The manner in which the manager will enter into side
letters and make use of facilities including side pocketing,
gating and redemption suspensions
Sub-paragraph (2)
A manager must repurchase any number of participatory
interests offered to it
For the purposes of sub-item (a), the manager must
determine a point in time by when repurchase requests
must be received for the purpose of determining which
valuation point will be utilised for the pricing calculation
The time determined in terms of sub-item (b) may not be
changed unless 30 days' prior written notice has been given
to investors
Sub-paragraph (3)
In respect of valuation of assets, the deed must provide
that the assets are valued independently, and if not valued
independently, the valuation must be independently
verified
Sub-paragraph (4)
The deed must provide that the assets of each portfolio will
be protected from creditor claims and that the assets of the
portfolio will not be used to meet the liabilities of any other
portfolio in the scheme
Relevant
clause in
Draft
Model
Deed
65
69
34
34
34
34
14
Relevant
clause in
Scheme
Deed
Download