Regulatory Alerts2018-03-31
Information Circular 1 of 2014: Administrative Penalties for Late Submission of Statutory Actuarial Valuation Reports
The South African Financial Services Board’s Deputy Registrar of Pension Funds intends to impose administrative penalties of up to R1,000 per day on pension funds, administrators, or third parties that fail to submit statutory actuarial valuation reports by the legally mandated deadline. Effective 1 July 2014, the registrar will issue formal written notices detailing the alleged non-compliance and intended penalty amounts, granting affected parties a specified period to submit written representations regarding the justification and appropriate rate of the penalty. Funds can completely avoid these penalties by submitting all outstanding valuation reports to the registrar on or before 30 June 2014, or by applying for valuation exemption within that timeframe.