Regulatory Alerts2014-01-06
Added · Updated
NAMFISA Circular UT/CIS/1/2015 on Pension Funds Compliance with Regulations 28-29 Vis-a-vis Unlisted Investments
NAMFISA confirms that pension funds may not gain exposure to unlisted investments by investing in unit trust schemes. This prohibition arises because Regulation 29 requires all unlisted investments to be held by a Special Purpose Vehicle, which conflicts with the look-through treatment applied to unit trust investments under Regulation 28. Consequently, the obligation to comply with these investment limits falls squarely on pension funds.
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