Operational Information

CFCL General information – South Africa

South Africa CFCL

Reference

Service level
CFCL
Last Updated
21.10.2024

CFCL eligible fund types

Register market 

Collective Investment Schemes (CIS) – CIS are regulated by the Collective Investment Schemes Control Act, 2002 (CISCA).

CISCA provides for five categories of permitted collective investment schemes in South Africa, namely:

  • CIS in securities;
  • CIS in property;
  • CIS in participation bonds;
  • Retail hedge funds; and
  • Qualified investor hedge funds.

Hedge Funds – Hedge funds are regulated under CISCA as collective investment schemes. There are two types of hedge funds permitted in terms of CISCA, namely:

  • Retail hedge fund; and
  • Qualified investor hedge funds

Private Equity Funds – Private equity funds can have any legal form however the most common forms are:

  • Limited liability partnerships (the en commandite partnership) and;
  • Bewind trusts (i.e. vesting trusts).

Funds that are not registered with the Financial Sector Conduct Authority in accordance with the Collective Investment Schemes Control Act, 2002 are not eligible under CFCL.

CSD link

Exchange-Traded Funds (ETFs) are permitted and can be traded within the South African market.

Please refer to the Market Link Guide – South Africa for more information.

Eligible funds

Only ETFs is eligible for CFCL.

Custody chain and depository


Type of link

Indirect via Standard Chartered Bank - Johannesburg Branch to Strate Ltd

CSD 

Custodian

CBL (as CFCL’s depository)

Name

Strate

Standard Chartered Bank, Johannesburg Branch

Clearstream Banking S.A.

FATCA GIIN

66R8NP.99999.SL.710

JXJVJM.00000.LE.710

N1V1GJ.00000.LE.442

LEI

378900F4A0A690EA6735

RILFO74KP1CM8P6PCT96

549300OL514RA0SXJJ44

Country of incorporation

South Africa

UK

Luxembourg

Account type

Omnibus

Omnibus

 Segregated

Legal Account name/holder

Clearstream Banking S.A.

Clearstream Fund Centre

Clearstream Fund Centre S.A.

Depository

Depository

CSD/Local custodian/Agent

CBL

STANDARD CHARTERED BANK - JOHANNESBURG BRANCH 1
Securities Services 2nd Floor, 115 West Street
Sandton 2196
Johannesburg
South Africa

Depository Code: 1Z

Operational arrangements

This section describes the operational arrangements of the South African market:

Domestic Market

Register Market

Remarks

Yes/No

Settlement free of payment

Yes

Yes

Settlement against payment

Yes

Yes

Eligible settlement currencies: South African Rand (ZAR)

Settlement against payment in central bank money

No

N/A

CBL, as a sub-custodian for CFCL holds a cash account at the custodian. Against payment settlement in ZAR takes place on the cash account of Standard Chartered Bank Johannesburg at the local central bank.

Settlement penalty fees

Yes

N/A

Partial settlement

No

N/A

Except when the local CSD imposes the partial delivery of securities.

Recycling

No

N/A

Settlement with Euroclear

No

N/A

Allegements

No

N/A

Registered securities

No

N/A

Proxy voting

Yes

N/A

Liquidity Hub Connect

No

N/A

Sale and purchase of rights

No

N/A

Repo services

Yes

N/A

Market restrictions

Yes

N/A

FTT

No

N/A

Daily reconciliation

Yes

N/A

Moments of entry of instructions

The CSD rules do not define the moment of entry within the meaning of the Settlement Finality Directive.

Irrevocability of instructions

Transactions that are with status matched and committed are irrevocable and require bilateral cancellation.

Finality of instructions

Settlement finality, by law, of both cash and securities is achieved upon settlement in the respective systems of Strate and the central bank SARB (South African Reserve Bank).

Legal arrangements

The below section is valid on the date of the legal opinions that were issued and might be subject to change.

The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter.

As CBL is our sub-custodian, please refer to the CBL General information -  South Africa for the complete information about Legal arrangements.

Cash correspondent details

Currency:

South African Rand (ZAR)

CCB name:

Standard Chartered Bank, Johannesburg Branch

CBL account:

051 013288 00

Swift address:

SCBLZAJJXXX