Regulatory Alerts2018-03-31
Information Circular 4 of 2006: Final Extension for 2005 Retirement Fund Financial Statements
The South African Financial Services Board has granted a final extension until 30 September 2006 for retirement funds to electronically submit their 2005 financial statements in the newly mandated format. This accommodation addresses persistent implementation delays and repeated extension requests despite three years of regulatory guidance, industry workshops, and previous grace periods. Any filings received after the deadline will trigger penalties under the Pension Funds Act of 1956, effectively terminating all further reporting extensions.
FINANCIAL SERVICES BOARD
Rigel Park 446 Rigel Avenue South Erasmusrand Pretoria South Africa PO Box 35655 Menlo Park Pretoria South Africa 0102 Tel (012) 428-8000 Fax (012) 347-0221 e-Mail info@fsb.co.za Int +27 12 428-8000 Int +27 12 347-0221 Toll free 0800110443 Internet: http://www.fsb.co.za
Enquiries: W Mokupo Our ref: 12/1 Date: 25 August 2006
D. Dialling No.: +27 12 428 8032 Fax: +27 12 347 8787 e-mail: wilmam@fsb.co.za
To all approved retirement funds, insurers and administrators funds
INFORMATION CIRCULAR 4/2006: FINAL EXTENSION FOR RETIREMENT FUNDS FOR THE ELECTRONIC SUBMISSION OF 2005 FINANCIALS IN THE NEW FORMAT CONTAINED IN GAZETTE NO. 28884 DATED 30 MAY 2006
Kindly note that this Office is disappointed by the large number of extensions still requested for the electronic submissions of financial statements.
The reasons forwarded vary from lack of planning to problems with the implementation of the new format.
For the past 3 years this Office has been engaging the industry as well as the auditing profession on the implementation of the new financial reporting for retirement funds. Despite national road-shows, and workshops as well as office visits, insurers are still not able to implement the new format.
Whilst we appreciate that new standards apply to funds with year ends of 31 December 2005 as well as the fact that problems were encountered with regard to the testing of software and the valuation of insurance policies, lengthy extensions have already been granted by this Office to cater for these issues (refer to previous Information Circulars 1/2005 and 1/2006).
It has therefore been decided to grant a final extension until 30 September 2006 and penalties will be issued for late submissions thereafter in terms of the Pension Funds Act, 1956.
[Signature]
J.A. BOYD DEPUTY REGISTRAR: RETIREMENT FUNDS
Board Members: Dr CDR Rustomjee (Chairperson) AM Sithole (Deputy Chairperson) BM Hawksworth Ms JV Mogadime Ms LM Mojela Ms AMM Mokgabudi Prof PJ Sutherland Ms HS Wilton Board Secretary: SB Makgalemele Executive Officer: RJG Barrow