Regulatory Alerts2018-03-31
Information Circular 4 of 2014: Waiver of Penalties for Late Annual Financial Statement Submissions
The Financial Services Board of South Africa waives administrative penalties under Section 37 of the Pension Funds Act for pension funds that submitted their annual financial statements late for the 2012 and 2013 financial years. This exemption addresses the unfair compliance burden caused by the regulator's delayed publication of new prescribed accounting standards in July 2014. Funds that met the extended submission deadlines of 31 March 2014 and 30 September 2014 are fully exempt and must not record provisions for late submission penalties in their accounts.
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