Regulatory Alerts2018-11-09
Directive 8 Consultation Report: Prohibition of Inducement and Acceptance of Gratification
The Registrar of Pension Funds issued Draft Directive No. 8 of 2018 to prohibit inducements and the acceptance of gratification by board members, principal officers, and service providers of retirement funds. The directive mandates strict reporting obligations for suspected corruption and fraud, aligning fiduciary duties with the Prevention and Combating of Corrupt Activities Act while clarifying definitions of gratification and fit-and-proper requirements. This consultation matrix documents stakeholder feedback on scope, management committee applicability, and reporting thresholds, with the Registrar incorporating revisions to ensure comprehensive anti-corruption compliance across the retirement fund sector.
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