Regulatory Alerts2018-04-01
Circular F.S. 9: Approvals Under Section 20(2) of the Friendly Societies Act, 1956
The South African Financial Institutions Office approves specific state-owned entities and the Republic of Transkei as qualifying institutions under Section 20(2) of the Friendly Societies Act, 1956, allowing their issued bills, bonds, and securities to rank for regulatory purposes. Friendly societies must report investments in these approved instruments under item A6 of Statement D in their annual returns. The circular also mandates that societies forward a copy to their auditors and return a signed acknowledgement of receipt to the Office.
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