Regulatory Alerts2018-03-31
Information Circular 10 of 2008: Approval as Administrator under Section 13B
The Financial Services Board grants temporary exemptions from Section 13B administrator approval requirements until 31 March 2009 to ensure uninterrupted payments to beneficiary funds. Eligible entities must submit formal approval applications by 31 December 2008, provide an audit certificate verifying adequate operational systems, and maintain active fidelity guarantee and professional indemnity insurance from 1 January 2009. These conditional exemptions mitigate licensing committee processing delays and ensure compliance with Section 37C payment restrictions.
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