SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Demonstrate knowledge and insight into the Collective Investment Schemes Act, 45 of 2003 (CICSA) 
SAQA US ID UNIT STANDARD TITLE
12166  Demonstrate knowledge and insight into the Collective Investment Schemes Act, 45 of 2003 (CICSA) 
ORIGINATOR
SGB Financial Services 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04  2 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2004-12-02  2007-02-08  SAQA 1657/04 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2008-02-08   2011-02-08  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard is replaced by: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
243155  Demonstrate knowledge and insight into the Collective Investment Schemes Control Act, 45 of 2002 (CISCA)  Level 4  NQF Level 04  2   

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended for learners who give financial advice and learners who work for Collective Investment Scheme Managers that administer collective investment schemes.

The qualifying learner is capable of:
  • Explaining different types of collective investment schemes.
  • Describing the main role players involved in a collective investment scheme.
  • Explaining ethical principles and practices described in the Collective Investment Schemes Control Act (CISCA).
  • Describing the elements of the deed/documents of incorporation for a collective investment scheme. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this unit standard. Learners should be competent in Communication and Mathematical Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:
  • Documents of incorporation include, but are not limited to, memoranda, articles of association, prospectus and supplementary prospectus.
  • The underlying assets in different types of collective investment schemes, include, but are not limited to securities, property and participation bonds.
  • Role players in a collective investment scheme are the investor, trustee, custodian, auditor, Collective Investment Scheme Manager, financial advisor, Regulator and professional association.
  • The different types of collective investment schemes include, but are not limited to unit trusts, open-ended investment schemes (OEICs), participatory bonds, declared collective investment schemes and collective investment schemes in property. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain the different types of collective investment schemes. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The characteristics of a South African collective investment scheme are explained as defined in the legislation. 

    ASSESSMENT CRITERION 2 
    2. The different types of South African collective investment schemes are named and explained in terms of the underlying assets in each scheme. 

    ASSESSMENT CRITERION 3 
    3. Conditions under which foreign collective investment schemes may be marketed and sold in South Africa are explained with reference to legislation. 

    ASSESSMENT CRITERION 4 
    4. Provisions for collective investment schemes based on assets not already provided for in South African legislation are indicated and an explanation is given for why this provision is included in the legislation. 

    ASSESSMENT CRITERION 5 
    5. Procedures for winding up, amalgamating and converting collective investment schemes are explained with reference to the legislation. 

    SPECIFIC OUTCOME 2 
    Describe the key entities required by legislation for a collective investment scheme. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The key entities required by the collective investment scheme legislation are named and an indication given of the role of each. 

    ASSESSMENT CRITERION 2 
    2. The relationship between the key entities is described in term of the requirements of the Act and the Trust Deed. 

    ASSESSMENT CRITERION 3 
    3. The process followed by the scheme manager in setting up a collective investment scheme is illustrated graphically. 

    SPECIFIC OUTCOME 3 
    Explain the ethical standards, principles and practices prescribed by collective investment scheme 
    OUTCOME NOTES 
    Explain the ethical standards, principles and practices prescribed by collective investment scheme legislation. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The principle standards of conduct prescribed in the legislation are known and demonstrated in role-play. 

    ASSESSMENT CRITERION 2 
    2. Information that the Act requires be disclosed to the investor is named and identified in marketing material. 

    ASSESSMENT CRITERION 3 
    3. Marketing documents from a selected Management Company are analysed for compliance. 

    SPECIFIC OUTCOME 4 
    Describe the elements of the trust deed. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The purpose of the Trust Deed is explained in terms of the legislation governing collective investment schemes. 

    ASSESSMENT CRITERION 2 
    2. The provisions that that are required in a Trust Deed are listed from the Act. 

    ASSESSMENT CRITERION 3 
    3. A Trust Deed of a selected collective investment scheme is analysed for compliance and suggestions are made as to how the Trust deed could be improved are made if necessary. 

    SPECIFIC OUTCOME 5 
    Explain the different types of collective investment schemes. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The concept of participatory interest in a collective investment scheme portfolio is explained with examples. 

    ASSESSMENT CRITERION 2 
    2. The characteristics of a South African collective investment scheme are explained as defined in the Collective Investment Schemes Control Act (CISCA). 

    ASSESSMENT CRITERION 3 
    3. The different types of South African collective investment schemes are named and explained as described in CISCA. 

    ASSESSMENT CRITERION 4 
    4. Conditions under which foreign collective investment schemes may be marketed and sold in South Africa are explained with reference to CISCA. 

    ASSESSMENT CRITERION 5 
    5. Conditions under which domestic collective investment schemes may be marketed and sold in South Africa are explained with reference to CISCA. 

    ASSESSMENT CRITERION 6 
    6. The type and classes of securities that may be included in a portfolio are explained and an indication is given of limitations on each type. 

    ASSESSMENT CRITERION 7 
    7. Procedures for launching a new portfolio, winding up, amalgamating and converting collective investment scheme portfolios are illustrated graphically. 

    ASSESSMENT CRITERION 8 
    8. Procedures for launching a new scheme, winding up, amalgamating and converting collective investment scheme are illustrated graphically. 

    SPECIFIC OUTCOME 6 
    Describe the main role players involved in a collective investment scheme. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The main role players involved in collective investment schemes are named and an indication given of the role of each with reference to CISCA and the deed or documents of incorporation for a specific scheme. 

    ASSESSMENT CRITERION 2 
    2. The relationship between the Collective Investment Scheme Manager and other role players in a collective investment scheme is explained and an indication is given of the obligations of each and the consequences of non-compliance. 

    SPECIFIC OUTCOME 7 
    Explain ethical principles and practices described in the Collective Investment Schemes Control Act. 
    OUTCOME NOTES 
    Collective Investment Schemes Control Act: CISCA 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The guidelines for ethical practice outlined in CISCA are explained with examples. 

    ASSESSMENT CRITERION 2 
    2. Mandatory disclosures relating to information supplied to investors is identified and an indication is given of why the disclosures are necessary. 

    ASSESSMENT CRITERION 3 
    3. Marketing documents from a selected Collective Investment Scheme Manager are analysed for compliance. 

    SPECIFIC OUTCOME 8 
    Describe the elements of the deed and documents of incorporation for collective investment schemes. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The purposes of the deed and documents of incorporation are compared with reference to participatory interest, corporate structure and governance. 

    ASSESSMENT CRITERION 2 
    2. The minimum information required in a deed and documents of incorporation is explained and an indication is given of the procedures to be followed in the event of changes to the deed and/or documents of incorporation. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This unit standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA, INSQA framework for assessment and moderation. 

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Identify and solve problems in which responses show that responsible decisions using critical thinking have been made in analysing a deed and documents of incorporation and marketing material for compliance. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners can communicate when explaining the requirements of CISCA, indicating the rules for mandatory disclosure and illustrating the process of launching, winding up, amalgamating and converting a collective investment scheme and a collective investment scheme portfolio. 

    UNIT STANDARD CCFO CONTRIBUTING 
    Participate as a responsible citizen in demonstrating the ethical principles and practices required in a collective investment scheme. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 243155, which is "Demonstrate knowledge and insight into the Collective Investment Schemes Control Act, 45 of 2002 (CISCA)", level 4, 2 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  20638   National Certificate: Collective Investment Schemes  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered"     		 2004-12-05  INSETA 
    Elective  49649   Further Education and Training Certificate: Long-term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Elective  48640   National Certificate: Financial Services Management  Level 4  Level TBA: Pre-2009 was L4  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Elective  48493   National Certificate: Financial Services: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered"     		 2007-02-11  Was INSETA until Last Date for Achievement 
    Elective  20773   National Certificate: Long Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered"     		 2004-12-05  INSETA 
    Elective  24396   National Certificate: Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered"     		 2006-10-08  Was INSETA until Last Date for Achievement 
    Elective  23973   National Certificate: Financial Services: Wealth Management  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Registered"     		 2006-08-13  Was INSETA until Last Date for Achievement 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.