Regulatory Alerts2018-03-31
Information Circular 1 of 2010: Regulation 28 Foreign Investment Exemption
The Registrar of Pension Funds has extended the exemption under Regulation 28 of the Pension Funds Act, allowing South African pension funds to allocate up to 20 percent of their assets to foreign investments. This exemption, which previously permitted funds to exceed the standard 15 percent overseas investment limit until 31 March 2010, is now prolonged until 31 March 2012. The Registrar will notify each individual fund of this extension through a direct correspondence letter.
Board Members AM Sithole (Chairperson) H Wilton (Deputy Chairperson) T Mokgabudi Prof M Ncube Z Bassa JV Mogadime M Phetla-Lekhethe J Cross Prof PJ Sutherland BM Hawksworth Executive Officer DP Tshidi Riverwalk Office Park Block B 41 Matroosberg Road Ashlea Gardens Extension 6
Pretoria South Africa 0081 PO Box 35655 Menlo Park Pretoria South Africa 0102 Tel +27 12 428 8000 Fax +27 12 347 0221 E-mail info@fsb.co.za Toll free 0800 110443/0800 202087 website:www.fsb.co.za ENQUIRIES: Alta Marais D. DIALLING NO.: 012 428 8065 OUR REF: 12/12/1 FAX: 012 346 6510 DATE: 3 March 2010 E-MAIL: altam@fsb.co.za INFORMATION CIRCULAR PF NO. 1 OF 2010 PENSION FUNDS ACT, 1956 REGULATION 28 – EXEMPTION IN RESPECT OF INVESTMENTS HELD OUTSIDE THE REPUBLIC Funds are hereby advised that exemptions previously granted in terms of paragraph 28(5) of the Regulations, allowing funds to exceed the 15% limit in respect of investments held outside the Republic to a maximum of 20% until 31 March 2010, will be extended to 31 March 2012 by way of a letter addressed to each fund. Yours faithfully JA BOYD For: Registrar of Pension Funds