Regulatory Alerts2018-04-01
Circular 12: Amendment to Foreign Asset Limits for Friendly Societies
The Registrar of Friendly Societies issued Circular 12 to amend prior regulations governing the permissible foreign asset holdings of friendly societies. The directive caps the aggregate value of bills, bonds, and securities issued by non-South African governments and local authorities at 1.5 percent of the minimum required amount for those specific asset classes. Explicitly excluding Transkei issuances, the circular also mandates that auditors sign and return an acknowledgement form to the issuing Office.
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