Regulatory Alerts2018-03-31
Information Circular 1 of 2017: Responsibility for Submission of Annual Financial Statements and Penalty Notification for 2015 Statements
The Financial Services Board reminds pension fund boards of their statutory obligation to submit 2015 annual financial statements to the Registrar within six months of the financial year's expiration. Failure to comply constitutes a breach of the Pension Funds Act and may trigger fitness-and-properness assessments against board members under section 26(4). The Registrar will issue formal notifications to non-compliant funds and intends to impose administrative penalties of R60 per day for each day of delay, as prescribed in Board Notice 77 of 2014.
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