Regulatory Alerts2021-11-11
Added · Updated
Standard GEN. 10-13 on Payment of Contributions
The National Association of Mutual Funds of South Africa (NAMFISA) issued Standard GEN. 10-13 to require registered funds to receive full employer, employee, and member subscriptions or contributions within seven days after each month ends. Unpaid balances plus applicable interest constitute a recoverable debt, enabling fund boards to file certified court statements that operate as enforceable civil judgments. NAMFISA may direct immediate payment of outstanding amounts, and fund rules must explicitly specify interest applicability and calculation methods.
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