Regulatory Alerts2019-06-03
Guidance Notice 2 of 2018: Guidance on Directive 8 Prohibition on Acceptance of Gratification
The Financial Sector Conduct Authority issued this guidance to clarify the implementation of Directive 8, which prohibits retirement fund officers from accepting gratifications from service providers to prevent corruption. The notice mandates immediate written reporting of all actual or potential breaches and specifies that retirement funds must bear the costs of training, due diligence, and related travel, while service providers may only cover legitimate business meals. It further establishes a R500 annual limit for token gifts, explicitly bans entertainment paid by service providers, and requires all such benefits to be disclosed in a fund gift register.
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