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.
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 4288032 |
|---|---|---|---|
| OUR REF: | 12/12/25 | FAX: | 012 3466510 |
| DATE: | 24 October 2014 | E-MAIL: | Wilma.Mokupo@fsb.co.za |
INFORMATION CIRCULAR PF NO. 4 OF 2014
PENSION FUNDS ACT, No 24 of 1956
PENALTIES IN TERMS OF SECTION 37 FOR THE LATE SUBMISSION OF ANNUAL FINANCIAL STATEMENTS IN RESPECT OF FINANCIAL YEARS ENDING IN 2012 AND 2013
To facilitate thorough consultations on the new standards to be prescribed in respect of the annual financial statements of pension funds, those standards were prescribed by notice published in the Government Gazette only on 18 July 2014, much later than had been expected.
The registrar considers that it would not be fair to impose administrative penalties on funds that have failed to timeously submit their annual financial statements as a result of the delay in the publication of the new prescribed requirements.
In the circumstances, the registrar has decided not to impose an administrative penalty on a fund for its failure to timeously submit to this office-
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its annual financial statements in respect of its financial year ended in 2012, provided that those financial statements were submitted to this office on or before 31 March 2014; and
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its annual financial statements in respect of its financial year ended in 2013, provided that those financial statements were submitted to this office on or before 30 September 2014.
Board Members: AM Sithole (Chairperson) H Wilton (Deputy Chairperson) Z Bassa JV Mogadime Prof PJ Sutherland FE Groepe D Turpin HMH Ratshefola D Msomi I Momoniat O Makhubela (Alternate) Executive Officer: DP Tshidi
It follows that those funds which have submitted their applicable annual financial statements on or before these dates do not need to make provision in their accounts for the payment of penalties for the late submission of those statements.
Yours faithfully
[Signature]
ROSEMARY HUNTER DEPUTY EXECUTIVE OFFICER: RETIREMENT FUNDS
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