Regulatory Alerts2018-03-31
Information Circular No 4 of 2018: Clarification on Directive PF No 8 Prohibiting Gratification
The Financial Services Board issued Information Circular No 4 of 2018 to clarify that Directive PF No 8, prohibiting the acceptance of gratification, is effective from 8 March 2018. Regulated entities must withdraw or decline any prohibited commitments made prior to that date wherever operationally feasible. If withdrawal is impossible, they may honour prior commitments without implying regulatory endorsement, strictly adhering to the directive's specified effective date.
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