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Morningstar to assist FSB in CIS Monitoring

As a result of the rapidly changing nature of the financial services landscape in South Africa, the FSB is implementing a new system to ensure that it is able to effectively monitor the compliance of collective investment schemes.

Morningstar South Africa was appointed as a provider to assist the Regulator with its unit trust portfolio compliance monitoring.

According to Deputy Executive Officer of the FSB, Jurgen Boyd, this appointment will equip the Regulator to ensure that collective investment schemes operate within their prescribed asset spreading requirements and prescribed investment policies.

Morningstar will assist by running compliance filters on the underlying holdings of funds and subsequently deliver mandate compliance output to the FSB for its fund analysis and compliance monitoring.

To ensure the effectiveness of this appointment, the FSB will require collective investment schemes to provide full portfolio holdings data to Morningstar within 10 working days of each quarter end. The Registrar will communicate separately with managers in this regard.

Morningstar, Inc., is a leading provider of independent investment research, and is a NASDAQ- listed company with operations in 27 countries.

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