Regulatory Alerts2019-01-01
Private Pension Schemes (Governance) (Amendment) Rules 2019
The Financial Services Commission issued these amendment rules to update the governance framework for private pension schemes under the Private Pension Schemes Act 2012. The amendments revise the definition of governing body to explicitly include a board of directors for protected cell companies and formally define that corporate structure. These rules take effect on 16 November 2019, ensuring updated regulatory compliance for pension scheme operators.
2306 Government Notices 2019 OliImac2/Govt Notices/FSC/ 2. The Private Pension Schemes (Governance) (Amendment) Rules 2019 2019 - 2nd Proof 14/11/19 Government Notice No. 249 of 2019 THE PRIVATE PENSION SCHEMES ACT 2012 FSC Rules made by the Financial Services Commission under section 93 of the Financial Services Act 2007 and sections 8, 17(1)(b), 27 and 50(1) of the Private Pension Schemes Act 2012
- These Rules may be cited as the Private Pension Schemes (Governance) (Amendment) Rules 2019.
- In these Rules, “principal Rules” means the Private Pension Schemes (Governance) Rules 2012.
- Rule 2 of the Principal Rules is amended – (a) in the definition of “governing body”, by adding the following new item, the word “and” at the end of item (ii) being deleted and the word “and” being added at the end of item (iii) – (iv) in the case of a protected cell company, its Board of Directors; (b) by inserting, in the appropriate alphabetical order, the following new definition – “protected cell company” has the same meaning as in the Protected Cell Companies Act 1999;
- These Rules shall come into operation on 16 November 2019. Made by the Financial Services Commission on 18 October