COVID-19: IMPACT ON COMPLIANCE WITH VARIOUS REGULATORY DEADLINE REQUIREMENTS IN SOUTH AFRICA
The Financial Sector Conduct Authority (FSCA) published FSCA Communication 9 of 2020 (General) – Supervision (Communication) on 24 March 2020, acknowledging the impact of COVID-19 on the financial services industry, and announcing a number of relaxations to regulatory and filing deadlines in light of the challenges that regulated entities may face in these trying times.
Of particular importance for financial services providers is the extension of the period for the submission of financial statements (see section 2.1) and the extension of deadlines regarding compliance with the Fit and Proper Requirements in terms of the Financial Advisory and Intermediary Services Act, 2002 (see section 3). Insurance intermediaries and brokers, as financial services providers, are also to take note of the extension. Insurers and other product suppliers have also been provided with an extension relating to class of business training.
Of particular importance for CIS managers is the relaxation of deadlines in respect of the submission of statutory returns in terms of the Collective investment Schemes Control Act, 2002 (see section 2.2).
Of particular importance for retirement funds is the extension of the period for the submission of valuation reports in terms of section 16 of the Pension Funds Act, 1956 by three months (see section 2.6).
Of particular importance for retirement fund administrators (section 13B administrators) is the extension of the period to submit annual returns with an additional three months as set out in the Communication (see section 2.4).