Regulatory Alerts2020-08-21
FSCA Communication 47 of 2020 on Principal Officers and Directive PF No. 8
The Financial Sector Conduct Authority clarifies the legal validity of Directive PF No. 8 and extends the compliance deadline to 28 February 2021 for retirement funds to appoint independent principal officers. This extension requires non-compliant funds and service providers to conclude Enforceable Undertakings, while mandating regulatory action for uncooperative parties. Senior counsel confirmed that principal officers owe fiduciary duties to funds and face conflicts when simultaneously employed by service providers, thereby upholding the directive's prohibition on accepting gratification.
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