Regulatory Alerts2018-04-01
Circular 11: Approvals Under the Friendly Societies Act, 1956
The Financial Institutions Office issued Circular 11 to approve specific corporate and territorial investments for South African friendly societies under the Friendly Societies Act, 1956. The directive authorizes holdings in the Indian Industrial Development Corporation and the Transkei Development Corporation, subject to Treasury loan approvals and a 1.5 percent asset cap on non-South African securities, while mandating their inclusion in updated Statement D reporting items. Regulated entities must update their prescribed returns, obtain auditor-signed acknowledgements, and recognize that conflicting provisions in previous circulars are hereby withdrawn.
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