The Financial Sector Conduct Authority has called for input by 31 January 2024 on a draft standard intended to the introduce holistic quarterly reporting under Regulation 28 of the Pension Funds Act, 1956. This is the FSCA’s second set of holistic quarterly reporting standard proposals, the first having been released in November 2022 for comment. It should be read with a draft determination on the holistic reporting format envisaged.
According to a communication on what is now being proposed:
The process of finalising the resulting exception reporting standard is now nearing completion. This is noting that, once in force, the new standard will at least align quarterly reporting with the amended Regulation 28.
However, the FSCA remains convinced that a holistic approach to quarterly reporting should eventually replace the exception approach – which is the intention, possibly in 2025.
Published by SA Legal Academy Policy Watch