Regulatory Alerts2023-11-14
FSCA Communication 31 of 2023 (RF) on Draft Prudential Standard for Regulation 28 Quarterly Reporting Requirements for Pension Funds
The Financial Sector Conduct Authority (FSCA) has published a new draft Prudential Standard and related documents for public comment, proposing holistic quarterly reporting on pension fund assets under Regulation 28, moving beyond the current "exception reporting" approach. This new draft standard aims to enable proactive supervision and management of Regulation 28 compliance, incorporating both non-compliance reporting and reporting on assets held in compliance with the regulation. Stakeholders are invited to submit comments on the draft Prudential Standard by January 31, 2024, with the holistic reporting standard expected to be finalized in early 2025, eventually repealing an interim exception reporting standard.
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