| (1) | No person shall administer on behalf of a pension fund the receipt of contributions or the disposition of benefits provided for in the rules of the fund, unless such person has been approved by the registrar and continuously complies with such conditions as may be prescribed. |
[Section 13B(1) amended by section 18(a) of Act No. 45 of 2013]
| (1A) | Any application for approval in terms of subsection (1) shall— |
| (a) | be made in the prescribed manner; |
| (b) | be accompanied by the prescribed fee; and |
| (c) | contain such information as may be prescribed by the registrar in order to satisfy the registrar that the applicant complies with the requirements for a fit and proper administrator prescribed by notice in the Gazette, including information in respect of— |
| (i) | personal character qualities of honesty and integrity; |
| (ii) | the competence and operational ability of the applicant to fulfil the responsibilities imposed by this Act; |
| (iii) | the applicant's financial soundness; and |
| (iv) | any other requirements that may be prescribed. |
[Section 13B(1A) amended by section 18(b) of Act No. 45 of 2013]
| (a) | require an applicant to furnish such additional information, or require such information to be verified, as the registrar may deem necessary; and |
| (b) | take into consideration any other information regarding the applicant, derived from any source, including any other regulatory or supervisory authority, if such information is disclosed to the applicant and the applicant is given reasonable opportunity to respond. |
| (2) | Approval in terms of subsection (1) may be limited to the performance of specified functions. |
| (3) | [Section 13B(3) deleted by section 18(c) of Act No. 45 of 2013] |
| (4) | If the registrar deems it desirable in the public interest the registrar may on such conditions, to such extent and in such manner as it is deemed fit, exempt any person or category of persons from the provisions of subsections (1) and (3), and may at any time revoke or amend any such exemption in a similar manner. |
| (a) | endeavour to avoid conflict between the interests of the administrator and the duties owed to the fund, and any conflict of interest or potential conflict of interest must be disclosed by the administrator to the board setting out full particulars of how such conflict will be managed; |
| (b) | administer the fund in a responsible manner; |
| (d) | employ adequately trained staff and ensure that they are properly supervised; |
| (e) | have well-defined compliance procedures; |
| (f) | maintain the prescribed financial resources to meet its commitments and to manage the risks to which the fund is exposed; |
[Paragraph (f) amended by section 18(d) of Act No. 45 of 2013]
| (g) | furnish the registrar with such information as requested by the registrar where such request is reasonable, the purpose for the request is disclosed and reasonable notice is given to the administrator in order to meet the request. |
| (h) | within a reasonable time provide a fund with information pertaining to the fund that the administrator has in its possession or under its control as requested by the fund in an electronic format capable of manipulation by the fund or in any other format if the information pertaining to the fund is not available in electronic format; |
[Paragraph (h) inserted by section 18(e) of Act No. 45 of 2013]
| (6) | If the registrar has reasonable grounds to consider that the interests of the members of a fund or of the public so require, the registrar may— |
| (a) | direct the administrator to take any steps, or to refrain from performing or continuing to perform any act, in order to terminate or remedy any irregularity or undesirable practice or state of affairs that has come to the knowledge of the registrar: Provided that the registrar may not make an order contemplated in section 6D(2)(b) of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001); |
| (i) | the administrator to withdraw from the administration of the fund, whereupon the board of the fund must in accordance with the registrar's directions, but subject to this Act and the rules of the fund, arrange for the administration of the fund to be taken over by another administrator or person; |
| (ii) | that the costs of the other administrator or person be defrayed from the financial resources maintained under subsection (5)(f); or |
| (c) | suspend or withdraw the approval granted to the administrator on such conditions and for such period as the registrar deems fit, provided that where an administrator's approval is suspended, the registrar may permit the administrator to continue to provide services to the funds under its administration subsequent to the date of the suspension, but it may not enter into an agreement to provide any new or additional services to any fund while the suspension is in force. |
[Section13B(6) amended by section 18(f) and (g) of Act No. 45 of 2013]
(7) [Section 13B(7) deleted by section 8(a) of Act No. 22 of 2008]
| (a) | All records, documentation and information relating to the administration of a fund, its members and former members that are held by an administrator or is under an administrator's control, is the property of the fund, including information that the administrator, in the course and scope of its work as administrator or former administrator of the fund, created or came to possess or control. |
| (i) | may not destroy or otherwise dispose of any information referred to in paragraph (a) without the consent of the fund; and |
| (ii) | must maintain information referred to in paragraph (a) in an orderly format. |
[Section 13B(7A) inserted by section 18(h) of Act No. 45 of 2013]
| (8) | Before taking any action under subsection the registrar must inform the administrator and the board of the fund of the proposed action and grounds therefor, and afford them a reasonable opportunity to be heard. |
| (9) | If it is in the public interest, the registrar may through appropriate media make known the suspension or withdrawal of an approval referred to in subsection (6). |
| (10) | When an administrator becomes aware of any material matter relating to the affairs of a fund, which in the opinion of the administrator may prejudice the fund or its members, the administrator must inform the registrar of that matter in writing without undue delay. |
[Section 13B(10) inserted by section 18(i) of Act No. 45 of 2013]
[Section 13B has not yet commenced, per paragraph (h) of Notice 169 of 2018]
