Regulatory Alerts2020-01-08
Added · Updated
FSCA Communication 7 of 2019: Prohibition on Principal Officer Gratification
The Financial Sector Conduct Authority (FSCA) issued Communication 7 of 2019 to resolve conflicts of interest when fund principal officers hold simultaneous employment with service providers. Directive PF No. 8 of 2018 prohibits such officers from accepting gratification that compromises their fiduciary reporting duties, requiring them to be directly employed by the fund. Non-compliant funds must execute Enforceable Undertakings within six months to regularize these appointments, with the Authority reserving direct regulatory action for uncooperative parties.
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