Regulatory Alerts2018-03-31
PF Circular 103: Amendments to Foreign Investment Regulations under the Pension Funds Act
The South African Financial Services Board issued Circular PF 103 to update the list of recognised foreign exchanges and territories for pension fund investments under Regulation 28 of the Pension Funds Act. The revised list, effective 1 June 1999, mandates that funds must divest or seek exemptions for any holdings in non-recognised territories after 31 May 1999. Investments in unrecognised jurisdictions will be classified as unquoted assets, requiring boards to conduct thorough due diligence and formally motivate such allocations to the registrar.
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