Regulatory Alerts2018-03-31
Information Circular 2 of 2009: Penalty Waiver for Late 2006 Financial Statements of Pension Funds with R6m–R50m Assets
The Financial Services Board issued Information Circular 2 of 2009 to waive penalties for pension funds with assets between R6 million and R50 million that missed the 28 February 2009 deadline for submitting their 2006 financial statements. This penalty exemption applies to late filings during March and April 2009, as the Registrar and SAICA are still finalizing a revised prescribed audit report format for this fund category. Consequently, affected administrators and insurers are temporarily exempt from the penalties originally mandated in Information Circular No. 6 of 2008 until the updated reporting standards are published.
FINANCIAL SERVICES BOARD Rigel Park 446 Rigel Avenue South Erasmusrand Pretoria 0181 South Africa PO Box 35655 Menlo Park Pretoria 0102 South Africa Tel +27 12 428 8000 Fax +27 12 347 0221 E-mail info@fsb.co.za Toll free 0800 110443 Internet http://www.fsb.co.za , ........ ., .. ......... ...................... ,. ,. ... , .......................................................... ....: ; ..................... ENQUIRIES: Alta Marais ! D. DIALLING NO.: ' 012 428 8099 j 4 ...... ............................................................................................... : OUR~REF.! ... :,..'".!! ......................................................................... F.M.: .................... 0'.2.347..0874 ....................................................... VDA~~: I 11 March 2009 I E-MAIL: ........ .--. ...................................................... :.. iii.aI~a"l@fsblco,za j (To all approved administrators, privately administered funds and insurers who underwrite pension funds) INFORMATION CIRCULAR NO. 2 OF 2009 PENSION FUNDS ACT, ACT 24 OF 1956 ("THE ACT") PENALTIES IN RESPECT OF THE LATE SUBMISSION OF FlNANCl STATEMENTS FOR 2006 FINANCIAL YEAR-ENDS IN RESPECT OF i WITH ASSETS MORE THAN R6 000 000 BUT LESS THAN R50 000 000 The office of the Registrar, in consultation with SAICA, is in process of revising the prescribed audit report for funds with assets more than R6 million but less than R50 million. Due to the delay in finalising the format of the said audit report, funds in this category were not able to comply with the 28 February 2009 deadline as determined in Information Circular No. 6 of 2008. The Registrar has therefore agreed to waive the penalties in respect of the 2006 financial year-end for the months of March and April 2009 in respect of this specific category of funds. Y Yours faithfully Board Members Dr CDR Rustornjee (Chairperson) Mr AM Sithole (Deputy Chairperson) Mr BM Hawksworth Ms H Wilton Prof PJ Sutherland Ms JV Mogadirne Ms T Mokgabudi Prof M Ncube Ms Z Bassa Ms M Phetla-Lekhethe Executlve Officer Mr DP Tshidi SRBB