Regulatory Alerts2018-03-31
Information Circular 9 of 2008: Unbundling of Remgro and Richemont Interests in British American Tobacco
The Financial Services Board of South Africa clarifies that the Remgro and Richemont unbundling of British American Tobacco shares will reclassify those holdings as foreign assets for pension fund regulatory purposes. Funds exceeding Regulation 28 foreign investment limits as a result may apply to the Registrar for a temporary exemption lasting up to 24 months to realign their portfolios, provided they cease further BAT acquisitions and the waiver only covers the unbundled shares. This exemption automatically terminates once a fund achieves full regulatory compliance within the designated two-year period.
Share