Regulatory Alerts2018-03-31
Information Circular No 2 of 2018: Withdrawal of Audit Exemption
The Registrar of Pension Funds proposes withdrawing the audit exemption for all funds and mandating accrual accounting for financial years commencing on or after 1 January 2019. The circular also outlines plans to amend legislation to reduce the annual financial statement submission deadline from six months to three months post-year-end. These supervisory enhancements aim to improve member protection and reporting timeliness, prompting smaller funds to assess cost impacts and potential merger into umbrella structures.
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