FSCA COMMUNICATION 28 OF 2024 (RF)

Publication of FSCA RF Notice 16 of 2024: Exemption of Pension Funds from Certain Requirements of Prudential Standard 1 of 2024

1. PURPOSE

The purpose of this Communication is to inform stakeholders that, today, the Financial Sector Conduct Authority (FSCA) published the FSCA RF Notice 16 of 2024, Exemption of Pension Funds from Certain Requirements of Prudential Standard 1 of 2024 - Regulation 28 Quarterly Reporting Requirements for Pension Funds (Notice).

2. BACKGROUND

2.1 On 2 April 2024, the FSCA published the following documents:

(a) FSCA Prudential Standard 1 of 2024: Regulation 28 Quarterly Reporting Requirements for Pension Funds (Prudential Standard); and

(b) FSCA RF Notice 8 of 2024: Determination of Format and Manner of Regulation 28 Quarterly Reports.

2.2 The purpose of the Notice is to exempt funds from paragraphs 2(1) and 3(2) of the Prudential Standard, in so far as it relates to reporting non-compliance with or breaches in terms of Regulation 28 for the second quarter of 2024 (viz. 1 April to 30 June 2024).

2.3 Funds will therefore not be required to submit the second quarter (2024) Regulation 28 report. Thus, reporting in terms of the Prudential Standard will only commence in the third quarter of 2024 (1 July to 30 September), meaning that Regulation 28 reports for the third quarter will be due within 90-days after 30 September 2024.

3. ENQUIRIES

3.1 The document referred to in paragraph 1 is available on the FSCA’s website at www.fsca.co.za.

3.2 For more information regarding the Notice and/or this Communication, please contact the Regulatory Framework Departments of the FSCA at Viloshnee.Naidoo@fsca.co.za or Andile. Mjadu@fsca.co.za.

ASTRID LUDIN
DEPUTY COMMISSIONER
FINANCIAL SECTOR CONDUCT AUTHORITY

Date of publication: 23 August 2024