Regulatory Alerts2018-03-31
Information Circular 1 of 2012: Regulation 28 Quarterly Non-Compliance Reporting
The Financial Services Board has revised the electronic format and submission deadlines for quarterly Regulation 28 non-compliance reports required from South African retirement funds. The submission deadline for the March and June 2012 quarters is extended to 31 October 2012 to allow time for stakeholder workshops demonstrating the new reporting template. Funds must also adhere to updated guidance clarifying that breaches of Regulation 28(3)(j) limits only require non-compliance reporting when specific statutory conditions are unmet.
# FINANCIAL SERVICES BOARD
Riverwalk Office Park Block B 41 Matroosberg Road Ashlea Gardens Extension 6
Pretoria South Africa 0081 PO Box 35655 Menlo Park Pretoria South Africa 0102
Tel +27 12 428 8000 Fax +27 12 346 6941 E-mail info@fsb.co.za
Toll free 0800 110443/0800 202087 website:www.fsb.co.za
| ENQUIRIES: | Wilma Mokupo | D. DIALLING NO.: | 012 428 8032 |
|------------|--------------|------------------|--------------|
| OUR REF: | | FAX: | 012 346 6510 |
| DATE: | 4 September 2012 | E-MAIL: | Wilma.Mokupo@fsb.co.za |
## INFORMATION CIRCULAR PF NO. 1 OF 2012
### PENSION FUNDS ACT, 1956
### REGULATION 28 QUARTERLY NON-COMPLIANCE REPORTING
In order to minimise the costs of reporting to the Registrar’s Office, the format and content of the Regulation 28 quarterly non-compliance report as set out in Notice 3 of 31 May 2012 has been revised, and the draft revised format is attached hereto. Workshops will be conducted to demonstrate and provide clarity on, the revised electronic reporting format.
In terms of Notice 3, retirement funds are required to submit the quarterly non-compliance report for all quarters ending March, June, September and December for quarters following 1 January 2012 within 90 days after the end of the quarter. Given the fact that the revised electronic format will only be finalised and workshopped in September, the submission date of 30 September 2012 for the MARCH 2012 and June 2012 quarters is hereby postponed to 31 October 2012.
Further, please note that any breach of the limits as prescribed in regulation 28(3)(j), need only be reported as a non-compliance when any of the conditions contained therein have not been complied with.
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Board Members: AM Sithole (Chairperson) H Wilton (Deputy Chairperson) Z Bassa JV Mogadime
Prof PJ Sutherland D Turpin H M H Ratshefola D Msomi M Mnyande (Alternate)
I Momoniat O Makhubela (Alternate) Executive Officer: DP Tshidi
SABS
ISO 9001
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Workshops have been arranged as follows:
| Location | Date & Time |
|----------|-------------|
| Sandton<br>Alexander Forbes Financial Services<br>61 Katherine Street<br>Sandown | 14 September 2012<br>10h00 – 12h00 |
| Cape Town<br>Deloitte<br>1st floor The Square,<br>Cape Quarter Extension,<br>27 Somerset Road, Green Point | 18 September 2012<br>10h00 – 12h00 |
| Durban<br>Alexander Forbes Place<br>10 Torsvale Crescent<br>Torsvale Park<br>La Lucia Ridge Office Estate<br>La Lucia<br>Kwa Zulu-Natal | 19 September 2012<br>09h00–11h00 |
Kindly confirm attendance at any one of the workshops with Florence.Legodi@fsb.co.za by no later than the 13th September 2012.
Kind regards
J. A. BOYD
REGISTRAR OF PENSION FUNDS
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