On Jan. 8, 2025, IDN FSA issued a press release re issuance of the above regulations.
On Apr. 17, IDN FSA proposed periodic reporting requirements.
IDN FSA proposed periodic reporting requirements for pension funds; the regulation aims to establish standardized procedures and formats for a fund's periodic reports.
Proposal
Defines different types of reports such as monthly, annual, and other reports that pension funds must submit; details the content that each report should include.
Sets specific deadlines for the submission of each type of report; monthly reports must be submitted by the 10th of following month, annual reports by Apr. 30 each year.
Emphasizes importance of transparency, requiring certain reports to be made available publicly, either through the pension fund’s website or through national newspapers.
Plus, outlines administrative penalties for non-compliance, ranging from written warnings to prohibitions on conducting certain programs, and financial penalties.
Specifies how reports should be structured, presented, ensuring uniformity, ease of analysis; the regulation is set to come into effect six months after its promulgation.
Aims to streamline and integrate reporting requirements for pension funds, reducing duplication and simplifying processes for both pension funds and IDN FSA.
The regulation takes effect on Jun. 1, 2025.
Jan. 2025 Press Release
On Jan. 8, 2025, IDN FSA issued a press release re issuance of the above regulations.
