RegAlertRule · FSCA · 29 Nov 2012
Information Circular PF No. 2 of 2012: Regulation 28 – Monitoring of Compliance
Boards of management of pension funds must ensure appropriate systems and monitoring mechanisms are in place for continuous compliance with regulation 28. Boards must obtain confirmation that service providers' processes and procedures adequately ensure continuous compliance with their specific mandates or contractual arrangements. Service providers must be able to provide reports, at least quarterly and at the fund's financial year-end, on regulation 28 compliance and detailed portfolio holdings. Where such systems and mechanisms are implemented, daily detailed portfolio holdings are not necessary for monitoring.
FINANCIAL SERVICES BOARD
Riverwalk Office Park Block B 41 Matroosberg Road Ashlea Gardens Extension 6 Pretoria South Africa 0081 PO Box 35655 Menlo Park Pretoria South Africa 0102 Tel +27 12 428 8000 Fax +27 12 346 6941 E-mail info@fsb.co.za Toll free 0800 110443/0800 202087 Website: www.fsb.co.za
| ENQUIRIES: | Wilma Mokupo | D. DIALLING NO.: | 0124288032 |
|---|---|---|---|
| OUR REF: | FAX: | 0123466510 | |
| DATE: | 29 November 2012 | E-MAIL: | Wilma.mokupo@fsb.co.za |
INFORMATION CIRCULAR PF NO. 2 OF 2012
PENSION FUNDS ACT, 1956
REGULATION 28 – MONITORING OF COMPLIANCE
For purposes of monitoring continuous compliance with the requirements of regulation 28, boards of management of pension funds (“boards”) must ensure that they have the appropriate systems and monitoring mechanisms in place. Boards must obtain confirmation that the processes and procedures of funds’ service providers are adequate to ensure continuous compliance with their specific mandate(s) or contractual arrangements. Service providers must further be able to provide reports (at least quarterly and at the financial year-end of the fund) on compliance with regulation 28 and their detailed portfolio holdings.
Where boards have implemented the necessary systems and mechanisms as set out above, it would not be necessary to obtain detailed portfolio holdings on a daily basis for monitoring purposes.
Yours sincerely
JA BOYD
REGISTRAR OF PENSION FUNDS
[*] Board Members: AM Sithole (Chairperson) H Wilton (Deputy Chairperson) Z Bassa JV Mogadime Prof PJ Sutherland D Turpin H M H Ratshefola D Msomi I Momoniat O Makhubela (Alternate) Executive Officer: DP Tshidi
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