PENSION FUND managers and trustees will soon be required by law to register and license with the Financial Services Commission (FSC).
This follows amendments to the Pensions Act and the accompanying Regulations in the House of Representatives during yesterday's final sitting of the House for the current legislative year.
Fitz Jackson, State Minister in the Ministry of Finance and Planning, who piloted the bill, said the amendments to the legislation would result in the removal of the provisions for trustees of pension funds to be subjected to criminal prosecution for dereliction of duty.
"Trustees have been removed and will only remain for professionals in the industry which are investment managers and administrators," Mr. Jackson said.
Investment managers for pension funds will not be required to be licensed as securities dealers.
The Regulations have also reduced the administrative requirements.
