Regulatory Alerts2018-03-31
Exemption of Investment Administrators from Section 13B(1) of the Pension Funds Act
The Financial Services Board exempts investment administrators from the approval requirements of Section 13B(1) of the Pension Funds Act, 1956, effective immediately. This exemption recognizes that these administrators are already comprehensively regulated and supervised under the Financial Advisory and Intermediary Services Act, 2002. The directive aligns with legislative intent to prevent dual statutory regulation and supports upcoming parliamentary amendments to formally remove investment administration from the Pension Funds Act's approval regime.
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