Financial Sector Conduct Authority

FSCA

PFA INFORMATION CIRCULAR NO. 2 OF 2019

APPLICATIONS FOR EXEMPTION FROM THE DEFAULT REGULATIONS OR EXTENSION TO COMPLY WITH THE DEFAULT REGULATIONS

1. All new default arrangements that came into operation on or after 1 September 2017 were required to comply with the requirements set out in the default regulations. Default arrangements already in existence as at 1 September 2017 were required to be fully aligned to the default regulations by 1 March 2019.

2. Notwithstanding the 18 month period afforded to funds to comply with the default regulations, the Authority has continued to receive applications for exemption from the default regulations or extensions to comply with the default regulations on or after 1 March 2019. This has created a substantial backlog in the processing of the said applications.

3. All funds are requested to submit their exemption or extension applications by no later than close of business (16h30) on Monday, 25 March 2019. Appropriate penalties will be considered after this period.

OLANO MAKHUBELA
DIVISIONAL EXECUTIVE: RETIREMENT FUNDS SUPERVISION ON BEHALF OF THE FINANCIAL SECTOR CONDUCT AUTHORITY Date: 19 March 2019