ARTICLE · 02 SEPTEMBER 2025

Shake Up For CIS Managers – What Should You Do Now?

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On 14 August 2025, the Financial Sector Conduct Authority ("FSCA") published Conduct Standard 3 of 2025 ("CIS") – "Requirements for Managers of Collective Investment Schemes" ("CS 3"), mandating that all CIS Managers in South Africa must be able to evidence full compliance by August 2026.

South AfricaFinance and Banking

Jessica Blumenthal

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On 14 August 2025, the Financial Sector Conduct Authority ("FSCA") published Conduct Standard 3 of 2025 ("CIS") – "Requirements for Managers of Collective Investment Schemes" ("CS 3"), mandating that all CIS Managers in South Africa must be able to evidence full compliance by August 2026. CS 3 embeds an outcomes-based supervisory model built on governance, risk, fair-treatment and disclosure, in line with the Twin Peaks reform commenced with the Financial Sector Regulatory Act and which will culminate in the promulgation of the Conduct of Financial Institutions Bill later this year or early next year. The one-year transitional period offers a valuable opportunity to upgrade frameworks, standard operating procedures, contracts and culture before the FSCA – or investors – ask the tough questions.

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