Regulatory Alerts2018-03-31
Information Circular 1 of 2015: Exemptions from Member Election of Fund Boards
The Financial Services Board requires pension funds to submit and secure approval for exemption renewals from member board election rules before the current exemption expires. After receiving numerous late applications from improperly constituted boards, the registrar had to appoint temporary directors to process the overdue requests. Funds must maintain properly constituted boards at all times to ensure continuous compliance with the Pension Funds Act and prevent regulatory intervention.
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