Regulatory Alerts2019-09-12
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FSCA RFSD Conference Keynote Address by Olano Makhubela (12 September 2019)
The FSCA announces the finalization of a standard for a trustee toolkit and requires retirement funds to report on their responsible investment approach in their next financial years. The regulator intends to reject extension requests for Section 14 transfers and proposes reducing the statutory periods, while imposing penalties of R4000 per day for delays in submitting statutory returns. Additionally, the FSCA is considering adopting Know-Your-Client principles for retirement funds and is engaging with law enforcement to assist trustees in enforcing Section 13A regarding employer contribution arrears.
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