Regulatory Alerts2020-07-28
FSCA Communication 45 of 2020 (RF): Boards of Retirement Funds Expiration of Term and COVID-19
The Financial Sector Conduct Authority requires retirement fund boards with expired terms to apply for the appointment of replacement members under section 26(2) of the Pension Funds Act to restore proper quorum. This directive addresses compliance challenges caused by the COVID-19 pandemic and national lockdown regulations, which have disrupted standard member elections for board positions. Funds must submit these applications through the Authority’s online platform to regularize non-compliance, as the regulator lacks direct statutory power to unilaterally extend board terms.
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