监管机构周五表示，非洲基金经理将能够在隔离授权下持有100%的外国资产投资组合，新框架使符合条件的投资工具免受长期存在的45%离岸投资上限限制。
African fund managers will be able to hold 100% of portfolios in foreign assets under ring-fenced mandates, regulators said on Friday, in a new framework that exempts qualifying vehicles from a longstanding 45% offshore investment cap.
南非储备银行、国库和约翰内斯堡证券交易所周三向投资者介绍了发布的合成金融中心（SFC）框架草案，该框架将允许持牌资产管理人、银行、保险公司和私募股权公司从南非基地以任何货币管理全球投资组合。
The South African Reserve Bank, National Treasury and the Johannesburg Stock Exchange briefed investors on the draft Synthetic Financial Centre (SFC) framework, published on Wednesday, which would allow licensed asset managers, banks, insurers and private equity firms to manage global portfolios in any currency from a South African base.
当机构向SFC投入资本时，45%的限制仍将适用。但一旦资金进入注册授权，经理就可以将其全部投向离岸。发起机构仍会将该投资计入自身的审慎外资限额。
The 45% limit would still apply when an institution commits capital to an SFC vehicle. But once the funds are inside a registered mandate, the manager could invest them entirely offshore. The originating institution would still count the investment towards its own prudential foreign limit.
智库Krutham执行主席、由JSE主导的旨在提升南非金融业竞争力的私营部门倡议“奥佩雷·富梅莱拉”召集人斯图尔特·西奥巴尔德称，取消上限是该框架中“最根本的变化”。
Stuart Theobald, executive chairperson of Krutham, a think tank, and convenor of Operation Phumelela, a private sector initiative led by the JSE to boost the competitiveness of South Africa's financial sector, called the lifting of the cap "the most fundamental change" in the framework.
南非投资组合资产中接近5万亿兰特（约合3010亿美元）持有在离岸，其中大部分通过海外中心进行，因为当地规则使得从约翰内斯堡管理完全全球化的投资组合变得困难。
Close to 5 trillion rand ($301 billion) in South African portfolio assets are held offshore, much of it routed through overseas centres because local rules have made it difficult to manage fully global portfolios from Johannesburg.
JSE首席执行官瓦尔登·雷迪表示：“SFC确实为南非提供了一个使其具有竞争力的框架。”
"The SFC really positions South Africa with a framework that makes it competitive," JSE CEO Valdene Reddy said.
该框架是南非数十年外汇管制全面改革的一部分，JSE估计，这项改革长期可能吸引10万亿兰特的投资。
The framework is part of a sweeping overhaul of South Africa's decades-old exchange controls that the JSE estimates could attract 10 trillion rand in investment over time.
南非储备银行金融监管部主任奥拉诺·马库贝莱表示，45%的审慎限制将继续是南非资本流动框架的“长期特征”。
Olano Makhubela, head of the SARB's Financial Surveillance Department, said the 45% prudential limit would remain a "long-term feature" of South Africa's capital-flow framework.
南非国家财政部金融市场与稳定首席主任 Vukile Davidson 表示，第二阶段可能考虑税收协调，并可能允许以外币上市在南非交易所。该草案公开征求意见，截止日期为 11 月 30 日。
Vukile Davidson, chief director of financial markets and stability at National Treasury, said a second phase could consider tax alignment and could allow foreign-currency listings on South African exchanges. The draft is open for public comment until November 30.