Pension Funds Act, 1956 (Act No 24 of 1956)RegulationsPart VII : General28. Asset spreading requirements(4) Look-through |
| (a) | A fund must not utilise any asset to circumvent the limits as set out in this regulation and, where an asset is made up of underlying assets, the fund must include and disclose the underlying assets in the category in Table 1 to which the economic exposure of the underlying assets relate. |
| (b) | Notwithstanding paragraph (a), where the fair value of an asset comprises less than 5 percent of the aggregate fair value of the assets of the fund, then the fund need only disclose the categories of assets specified in Table 1, and not each underlying asset. |
| (c) | Notwithstanding paragraphs (a) and (b), any direct or indirect exposure to a hedge fund or private equity fund must be disclosed as an investment into a hedge fund or private equity fund as the case may be, and the fund need not apply the look-through principle in respect of the underlying assets of a hedge fund or private equity fund, except in the case of infrastructure investments. |
| (d) | Notwithstanding paragraph (b) and (c), and in accordance with conditions set by the South African Reserve Bank, when applying look-through any direct or indirect exposure to a foreign asset must be disclosed as a foreign asset. |
[Regulation 28(4) substituted by section 4(a,b,c) of Notice No. 2230, GG46649, dated 1 July 2022: Effective 3 January 2023]