Regulatory Alerts2018-03-31
Information Circular 2 of 2007: Electronic Submission of 2005 Financial Statements
The Financial Services Board requires all approved retirement funds, insurers, and administrators to electronically submit their unsigned 2005 annual financial statements in prescribed formats as an interim measure to address critically low submission rates. This directive extends the submission deadline to 28 February 2007 and imposes a R50 daily penalty for late filing, while mandating that signed statements must still be provided for final regulatory registration. The regulator will subsequently review and potentially revise fund categorisation limits based on the received data to ensure compliance with statutory reporting obligations.
# FINANCIAL SERVICES BOARD
Rigel Park 446 Rigel Avenue South Erasmusrand Pretoria South Africa
PO Box 35655 Menlo Park Pretoria South Africa 0102
Tel (012) 428-8000 Fax (012) 347-0221 e-Mail info@fsb.co.za
Int +27 12 428-8000 Int +27 12 347-0221 Toll free 0800110443
Internet: http://www.fsb.co.za
Enquiries: J.A. Boyd
D. Dialling No.: 27 12 428 8099
Our ref:
Fax: 27 12 347 0874
Date: 9 February 2007
e-mail: jurgenb@fsb.co.za
To all approved retirement funds, insurers and administrators
## INFORMATION CIRCULAR 2 OF 2007: ELECTRONIC SUBMISSIONS OF THE 2005 FINANCIAL STATEMENTS IN THE FORMAT AS PRESCRIBED IN GAZETTE NO 28884 DATED 29 MAY 2006 AND GAZETTE NO. 28881 DATED 30 MAY 2006
### 1. Electronic submission of financial statements
The rate of submission of the 2005 Annual Financial Statements has to date been extremely low – 55% in respect of privately administered funds and 15% in respect of underwritten funds. One reason advanced is the failure of trustees to sign off the financials. As a consequence, we are not able to compile our 2005 annual report to parliament, which is a statutory requirement. As an interim measure we require the following:
#### 1.1 Underwritten funds
The 2005 annual financial statements that have been prepared in the prescribed format and are awaiting sign off by the trustees must be submitted electronically to the Financial Services Board.
#### 1.2 Privately administered funds
Where these funds have had an audit done for the 2005 year the unsigned financial statements must be submitted electronically provided that the auditors’ release letter is attached to the scanned copy of the financial statements.
**Please note that the signed financial statements are still required to be submitted, as the Financial Services Board system will register the above submissions as “provisional”.**
### 2. Categorisation of funds
Once the financial statements for all funds with year-ends during 2005 have been received, the limits set out in Board Notice 43 of 2006 (Gazette no 28881 dated 30 May 2006) will be revisited and possibly revised. It will therefore be in the funds’ best interest to submit the 2005 financials timeously.
Board Members: Dr CDR Rustomjee (Chairperson) AM Sithole (Deputy Chairperson) BM Hawksworth Ms JV Mogadime
Ms LM Mojela Ms AMM Mokgabudi Prof PJ Sutherland Ms HS Wilton
Board Secretary: SB Makgalemele
Executive Officer: RJG Barrow
SABS
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### 3 Penalty for late submission of the 2005 financial statements
In view of the above, an extension for the submission of the 2005 financial statements is granted until 28 February 2007 and any fund who fails to submit the signed 2005 financials statements on or before the 28th February 2007 will be subject to a payment of a penalty of R50 for every day during which the fund is in default.
Yours sincerely
J.A. Boyd
Registrar of Pension Funds
Board Members: Dr CDR Rustomjee (Chairperson) AM Sithole (Deputy Chairperson) BM Hawksworth Ms JV Mogadime
Ms LM Mojela Ms AMM Mokgabudi Prof PJ Sutherland Ms HS Wilton
Board Secretary: SB Makgalemele
Executive Officer: RJG Barrow
SABS
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