The Registrar of Pension Funds issued Directive PF No. 8: Prohibition on the Acceptance of Gratification and is effective from 8 March 2018.
The purpose of the Directive is to determine conditions to be imposed by the Registrar in order to combat and prevent bribery and corrupt conduct by board members, principal officers, deputy principal officers, auditors, valuators, administrators or service providers to a retirement fund.
The information letter clarifies that commitments which were entered into prior to 8 March 2018 and which are prohibited by the Directive should be withdrawn or declined by the regulated persons or entities, where possible.
If it is not possible to withdraw or decline such prior-commitments, the regulated persons or entities can honour such prior-commitments. This should not be interpreted as the Financial Services Board endorsing the prohibited action but should be seen within the context of the effective date being 8 March 2018.
To read the information letter, click here.