Regulatory Alerts2026-08-27
Added
Directive on the Format of Rules of Retirement Funds, Beneficiary Funds and Friendly Societies Under Section 411: Financial Institutions and Markets Act, 2021
This Directive applies to all retirement funds, beneficiary funds, and friendly societies registered under the Financial Institutions and Markets Act, 2021, along with their boards, principal officers, and administrators, and comes into effect on 20 August 2026. It mandates that drafted rules adhere to overarching principles such as disclosure, plain language, risk management, and good governance, while complying with formatting, signing, and certification requirements prescribed in Standard No. RF.S.5.4 for funds or Standard No. FS.S.6.6 for societies. Annexure A and Annexure B establish rules templates requiring specific provisions for 30 fund-related and 28 society-related matters, including membership eligibility, contributions, governance structures, benefits, dissolution, and amalgamation, ensuring alignment with designated sections of the Act and subordinate legislation.
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