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08 July, 2025

Accessing South Africa’s investment market: your guide to Section 65 of CISCA

South Africa continues to attract global attention as a financial hub, offering significant capital access and a maturing investor base. For non-domestic fund managers, Section 65 of the Collective Investment Schemes Control Act 45 of 2002 (“CISCA”) remains a key mechanism for entering the market on regulated terms.  

Rather than establishing a local structure from scratch, Section 65 approval allows foreign funds to be offered directly to South African investors, provided they meet regulatory standards set by the Financial Sector Conduct Authority (“FSCA”).  

What foreign fund managers need to know  

Section 65 is open to managers domiciled in jurisdictions recognised by the FSCA. This includes many of the world’s leading fund centres, with over 900 foreign portfolios currently registered. Ireland and Luxembourg continue to dominate, but cost-efficient options such as Guernsey, Jersey, and Malta remain popular among smaller or more targeted offerings.  

Approval depends on how closely the fund’s regulatory regime aligns with South African requirements. Key areas include segregation of assets, liquidity provisions, and investor disclosures. Tax transparency under frameworks such as FATCA and the Common Reporting Standard is also expected.  

Practical advantages of using Section 65  

For fund managers operating in well-regulated jurisdictions, Section 65 avoids the need to duplicate structures. It provides a streamlined route to market while preserving control over domicile and distribution strategy.  

South African managers can also benefit by aligning offshore products with Section 65 criteria, expanding their international presence without extensive restructuring.  

Next steps  

If South Africa is part of your distribution strategy, Section 65 offers a viable route to access the market without establishing a domestic structure.  

Our white paper breaks down the process, compares approved jurisdictions, and provides guidance on preparing a compliant application.  

Download the full white paper - Leveraging Section 65 of CISCA for global investment opportunities  

Complete the form below to access jurisdiction comparisons, regulatory insights, and practical guidance for using Section 65.  

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