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Benedicte Gravrand, Opalesque Geneva:

The South African regulations have finally been published. As from 1st April, all existing South African hedge funds have to register with the Registrar of Collective Investment Schemes, before the end of September. Fund managers – and regulators – will have a lot of extra work over the next few months converting funds into regulated structures.

According to ENSafrica, a law firm with offices throughout Africa, the South African Minister of Finance recently exercised his powers under the Collective Investment Schemes Control Act (CISCA) to declare hedge funds collective investment schemes from 1 April 2015. This means that before the end of September 2015, hedge funds which invite or permit "members of the public" to invest money or other assets must lodge with the Registrar an application for registration as a manager to operate a hedge fund. The licensing requirements under the Financial Advisory and Intermediary Act remain unchanged.

The SA Financial Services Board (FSB) announced on 31st March that the various application forms had been published on its site.

Alternative investment funds, including hedge funds and private equity funds, have always been unregulated in South Africa. But the FSB and the South African Treasury have been seeking for a while to introduce a regulated regime for hedge funds ......................

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