\u00a0<\/p>\n
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UGANDA RETIREMENT BENEFITS REGULATORY AUTHORITY ACT.<\/p>\n
ARRANGEMENT OF SECTIONS.<\/b><\/p>\n
\u00a0\u00a0\u00a0Section<\/p>\n
PART I
PRELIMINARY.<\/p>\n
\u00a0\u00a0\u00a01.\u00a0\u00a0\u00a0Interpretation. <\/a><\/p>\n PART II Uganda Retirement Benefits Regulatory Authority.<\/i><\/p>\n \u00a0\u00a0\u00a02.\u00a0\u00a0\u00a0Establishment of the Uganda Retirement Benefits Regulatory Authority. <\/a><\/p>\n \u00a0\u00a0\u00a03.\u00a0\u00a0\u00a0Official seal of the Authority. <\/a><\/p>\n \u00a0\u00a0\u00a04.\u00a0\u00a0\u00a0Objective of the Authority. <\/a><\/p>\n \u00a0\u00a0\u00a05.\u00a0\u00a0\u00a0Functions of the Authority. <\/a><\/p>\n \u00a0\u00a0\u00a06.\u00a0\u00a0\u00a0Powers of the Authority. <\/a><\/p>\n \u00a0\u00a0\u00a07.\u00a0\u00a0\u00a0Independence of the Authority. <\/a><\/p>\n Board of directors.<\/i><\/p>\n \u00a0\u00a0\u00a08.\u00a0\u00a0\u00a0Board of directors of the Authority. <\/a><\/p>\n \u00a0\u00a0\u00a09.\u00a0\u00a0\u00a0Tenure of office of members of the Board. <\/a><\/p>\n \u00a0\u00a0\u00a010.\u00a0\u00a0\u00a0Remuneration of Board members. <\/a><\/p>\n \u00a0\u00a0\u00a011.\u00a0\u00a0\u00a0Functions of the Board. <\/a><\/p>\n \u00a0\u00a0\u00a012.\u00a0\u00a0\u00a0Meetings of the Board. <\/a><\/p>\n \u00a0\u00a0\u00a013.\u00a0\u00a0\u00a0Secretary to the Board. <\/a><\/p>\n \u00a0\u00a0\u00a014.\u00a0\u00a0\u00a0Committees of the Board. <\/a><\/p>\n Chief Executive Officer and other staff of Authority.<\/i><\/p>\n \u00a0\u00a0\u00a015.\u00a0\u00a0\u00a0Chief Executive Officer. <\/a><\/p>\n \u00a0\u00a0\u00a016.\u00a0\u00a0\u00a0Functions of Chief Executive Officer. <\/a><\/p>\n \u00a0\u00a0\u00a017.\u00a0\u00a0\u00a0Tenure of office of Chief Executive Officer. <\/a><\/p>\n \u00a0\u00a0\u00a018.\u00a0\u00a0\u00a0Staff of the Authority. <\/a><\/p>\n PART III \u00a0\u00a0\u00a019.\u00a0\u00a0\u00a0Funds of the Authority. <\/a><\/p>\n \u00a0\u00a0\u00a020.\u00a0\u00a0\u00a0Retirement Benefits Regulatory Authority Fund. <\/a><\/p>\n \u00a0\u00a0\u00a021.\u00a0\u00a0\u00a0Bank accounts. <\/a><\/p>\n \u00a0\u00a0\u00a022.\u00a0\u00a0\u00a0Borrowing powers. <\/a><\/p>\n \u00a0\u00a0\u00a023.\u00a0\u00a0\u00a0Investment of surplus funds. <\/a><\/p>\n \u00a0\u00a0\u00a024.\u00a0\u00a0\u00a0Estimates. <\/a><\/p>\n \u00a0\u00a0\u00a025.\u00a0\u00a0\u00a0Financial year of the Authority. <\/a><\/p>\n \u00a0\u00a0\u00a026.\u00a0\u00a0\u00a0Audit of accounts. <\/a><\/p>\n \u00a0\u00a0\u00a027.\u00a0\u00a0\u00a0Annual and other reports. <\/a><\/p>\n PART IV \u00a0\u00a0\u00a028.\u00a0\u00a0\u00a0Establishment of a retirement benefits scheme <\/a><\/p>\n \u00a0\u00a0\u00a029.\u00a0\u00a0\u00a0Application for a licence to establish a retirement benefits scheme. <\/a><\/p>\n \u00a0\u00a0\u00a030.\u00a0\u00a0\u00a0Grant of licence to operate a retirement benefits scheme. <\/a><\/p>\n \u00a0\u00a0\u00a031.\u00a0\u00a0\u00a0Validity of licence. <\/a><\/p>\n \u00a0\u00a0\u00a032.\u00a0\u00a0\u00a0Revocation of licence. <\/a><\/p>\n PART V \u00a0\u00a0\u00a033.\u00a0\u00a0\u00a0Custodian, trustee, administrator and fund manager <\/a><\/p>\n Custodians.<\/i><\/p>\n \u00a0\u00a0\u00a034.\u00a0\u00a0\u00a0Licensing of custodian. <\/a><\/p>\n \u00a0\u00a0\u00a035.\u00a0\u00a0\u00a0Application and grant of licence of custodian. <\/a><\/p>\n \u00a0\u00a0\u00a036.\u00a0\u00a0\u00a0Refusal of licence of custodian. <\/a><\/p>\n \u00a0\u00a0\u00a037.\u00a0\u00a0\u00a0Validity of licence of custodian. <\/a><\/p>\n \u00a0\u00a0\u00a038.\u00a0\u00a0\u00a0Revocation of licence of custodian. <\/a><\/p>\n \u00a0\u00a0\u00a039.\u00a0\u00a0\u00a0Functions of a custodian. <\/a><\/p>\n Trustees.<\/i><\/p>\n \u00a0\u00a0\u00a040.\u00a0\u00a0\u00a0Licensing of trustee. <\/a><\/p>\n \u00a0\u00a0\u00a041.\u00a0\u00a0\u00a0Application and grant of licence of trustee. <\/a><\/p>\n \u00a0\u00a0\u00a042.\u00a0\u00a0\u00a0Refusal of licence of trustee. <\/a><\/p>\n \u00a0\u00a0\u00a043.\u00a0\u00a0\u00a0Restriction on licence of trustee. <\/a><\/p>\n \u00a0\u00a0\u00a044.\u00a0\u00a0\u00a0Validity of licence of trustee. <\/a><\/p>\n \u00a0\u00a0\u00a045.\u00a0\u00a0\u00a0Revocation of licence of trustee. <\/a><\/p>\n \u00a0\u00a0\u00a046.\u00a0\u00a0\u00a0Functions of trustee. <\/a><\/p>\n Administrators.<\/i><\/p>\n \u00a0\u00a0\u00a047.\u00a0\u00a0\u00a0Licensing of administrator. <\/a><\/p>\n \u00a0\u00a0\u00a048.\u00a0\u00a0\u00a0Application and grant of licence of administrator. <\/a><\/p>\n \u00a0\u00a0\u00a049.\u00a0\u00a0\u00a0Refusal to grant licence of administrator. <\/a><\/p>\n \u00a0\u00a0\u00a050.\u00a0\u00a0\u00a0Restriction on licence of administrator. <\/a><\/p>\n \u00a0\u00a0\u00a051.\u00a0\u00a0\u00a0Validity of licence of administrator. <\/a><\/p>\n \u00a0\u00a0\u00a052.\u00a0\u00a0\u00a0Revocation of licence of administrator. <\/a><\/p>\n \u00a0\u00a0\u00a053.\u00a0\u00a0\u00a0Functions of administrator. <\/a><\/p>\n Fund managers.<\/i><\/p>\n \u00a0\u00a0\u00a054.\u00a0\u00a0\u00a0Licensing of fund manager. <\/a><\/p>\n \u00a0\u00a0\u00a055.\u00a0\u00a0\u00a0Application and grant of licence of fund manager. <\/a><\/p>\n \u00a0\u00a0\u00a056.\u00a0\u00a0\u00a0Refusal to grant licence of fund manager. <\/a><\/p>\n \u00a0\u00a0\u00a057.\u00a0\u00a0\u00a0Restrictions on licence of fund manager. <\/a><\/p>\n \u00a0\u00a0\u00a058.\u00a0\u00a0\u00a0Validity of licence of fund manager. <\/a><\/p>\n \u00a0\u00a0\u00a059.\u00a0\u00a0\u00a0Revocation of licence of fund manager. <\/a><\/p>\n \u00a0\u00a0\u00a060.\u00a0\u00a0\u00a0Functions of a fund manager. <\/a><\/p>\n \u00a0\u00a0\u00a061.\u00a0\u00a0\u00a0General obligations of custodian, trustee, administrator or fund manager. <\/a><\/p>\n Register.<\/i><\/p>\n \u00a0\u00a0\u00a062.\u00a0\u00a0\u00a0Register. <\/a><\/p>\n PART VI \u00a0\u00a0\u00a063.\u00a0\u00a0\u00a0Bank accounts. <\/a><\/p>\n \u00a0\u00a0\u00a064.\u00a0\u00a0\u00a0Audit of accounts. <\/a><\/p>\n \u00a0\u00a0\u00a065.\u00a0\u00a0\u00a0Publication of audited accounts. <\/a><\/p>\n \u00a0\u00a0\u00a066.\u00a0\u00a0\u00a0Records and annual report. <\/a><\/p>\n \u00a0\u00a0\u00a067.\u00a0\u00a0\u00a0Investment of funds. <\/a><\/p>\n \u00a0\u00a0\u00a068.\u00a0\u00a0\u00a0Restriction on use of scheme funds. <\/a><\/p>\n PART VII \u00a0\u00a0\u00a069.\u00a0\u00a0\u00a0Payment of contribution. <\/a><\/p>\n \u00a0\u00a0\u00a070.\u00a0\u00a0\u00a0Protection of member’s contribution. <\/a><\/p>\n \u00a0\u00a0\u00a071.\u00a0\u00a0\u00a0Actuarial valuation. <\/a><\/p>\n \u00a0\u00a0\u00a072.\u00a0\u00a0\u00a0Fiduciary. <\/a><\/p>\n \u00a0\u00a0\u00a073.\u00a0\u00a0\u00a0Duties of a fiduciary. <\/a><\/p>\n \u00a0\u00a0\u00a074.\u00a0\u00a0\u00a0Unsafe and unsound practices. <\/a><\/p>\n PART VIII Inspector.<\/i><\/p>\n \u00a0\u00a0\u00a075.\u00a0\u00a0\u00a0Appointment of inspector. <\/a><\/p>\n \u00a0\u00a0\u00a076.\u00a0\u00a0\u00a0Powers of inspector. <\/a><\/p>\n \u00a0\u00a0\u00a077.\u00a0\u00a0\u00a0Report of inspector. <\/a><\/p>\n Interim administrator.<\/i><\/p>\n \u00a0\u00a0\u00a078.\u00a0\u00a0\u00a0Appointment of interim administrator. <\/a><\/p>\n \u00a0\u00a0\u00a079.\u00a0\u00a0\u00a0Duties of interim administrator. <\/a><\/p>\n \u00a0\u00a0\u00a080.\u00a0\u00a0\u00a0Report of interim administrator. <\/a><\/p>\n \u00a0\u00a0\u00a081.\u00a0\u00a0\u00a0Protection of interim administrator from liability. <\/a><\/p>\n PART IX \u00a0\u00a0\u00a082.\u00a0\u00a0\u00a0Appeals. <\/a><\/p>\n \u00a0\u00a0\u00a083.\u00a0\u00a0\u00a0Establishment of the Retirement Benefits Appeals Tribunal. <\/a><\/p>\n \u00a0\u00a0\u00a084.\u00a0\u00a0\u00a0Powers of the Appeals Tribunal. <\/a><\/p>\n \u00a0\u00a0\u00a085.\u00a0\u00a0\u00a0Appeals to the High Court from decisions of the Tribunal. <\/a><\/p>\n \u00a0\u00a0\u00a086.\u00a0\u00a0\u00a0Rules. <\/a><\/p>\n PART X \u00a0\u00a0\u00a087.\u00a0\u00a0\u00a0Offences and penalties. <\/a><\/p>\n \u00a0\u00a0\u00a088.\u00a0\u00a0\u00a0General penalty. <\/a><\/p>\n PART XI \u00a0\u00a0\u00a089.\u00a0\u00a0\u00a0Protection from liability. <\/a><\/p>\n \u00a0\u00a0\u00a090.\u00a0\u00a0\u00a0Service of documents. <\/a><\/p>\n \u00a0\u00a0\u00a091.\u00a0\u00a0\u00a0Regulations. <\/a><\/p>\n \u00a0\u00a0\u00a092.\u00a0\u00a0\u00a0Amendment of Schedules. <\/a><\/p>\n \u00a0\u00a0\u00a093.\u00a0\u00a0\u00a0Guidelines. <\/a><\/p>\n \u00a0\u00a0\u00a094.\u00a0\u00a0\u00a0Protection of existing pension rights or other retirement benefit. <\/a><\/p>\n \u00a0\u00a0\u00a095.\u00a0\u00a0\u00a0Supremacy of this Act. <\/a><\/p>\n \u00a0\u00a0\u00a096.\u00a0\u00a0\u00a0Licensing of existing retirement benefits schemes, custodian, trustee, administrator or fund manager. <\/a><\/p>\n \u00a0<\/p>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0SCHEDULE 1<\/a><\/i>\u00a0\u00a0\u00a0Currency point.<\/p>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0SCHEDULE 2<\/a><\/i>\u00a0\u00a0\u00a0Meetings of the Board.<\/p>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0SCHEDULE 3<\/a><\/i>\u00a0\u00a0\u00a0Criteria for determining a fit and proper person.<\/p>\n \u00a0<\/p>\n UGANDA RETIREMENT BENEFITS REGULATORY AUTHORITY ACT.<\/p>\n Commencement<\/i>: 26 September, 2011.<\/p>\n \u00a0\u00a0\u00a0An Act to establish a Retirement Benefits Regulatory Authority to regulate the establishment, management and operation of retirement benefits schemes in Uganda in both the private and public sectors; to supervise institutions which provide retirement benefits products and services; to protect the interests of members and beneficiaries of retirement benefits schemes; to establish a Fund into which shall be paid all moneys for defraying the expenses of the Uganda Retirement Benefits Regulatory Authority; to promote the development of the retirement benefits sector; to provide for the licensing of custodians, trustees, administrators and fund managers of retirement benefits schemes; the appointment of inspectors and interim administrators; to provide for the establishment of a retirement Benefits Appeals Tribunal and for related matters.<\/b><\/p>\n \u00a0<\/p>\n PART I \u00a0<\/p>\n <\/a>1.\u00a0\u00a0\u00a0Interpretation.<\/p>\n \u00a0\u00a0\u00a0In this Act, unless the context otherwise requires\u2014<\/p>\n \u00a0\u00a0\u00a0“Actuary”<\/b> means a person recognized as such by the Institute of Actuaries in England, the Faculty of Actuaries in Scotland, the Canadian Institute of Actuaries, the Society of Actuaries of the United States of America, the Institute of the Actuaries of Australia or a person holding such equivalent qualification as the Board may, by notice in the Gazette<\/i>, prescribe;<\/p>\n \u00a0\u00a0\u00a0“actuarial valuation”<\/b> means an analysis made of the cash value equivalent to a benefit, calculated by reference to appropriate financial assumptions and assumptions regarding normal life expectancy;<\/p>\n \u00a0\u00a0\u00a0“administrator”<\/b> means a person appointed by trustees to administer a scheme in accordance with such terms and conditions of service as may be specified in the instrument of appointment and licensed under this Act;<\/p>\n \u00a0\u00a0\u00a0“annuity”<\/b> means a schedule of regular payments made to a member of a retirement benefits scheme or to his or her beneficiary according to the terms of payment of the scheme;<\/p>\n \u00a0\u00a0\u00a0“Auditor”<\/b> means a person registered by the Institute of Certified Public Accountants Uganda (ICPAU) and approved by the Authority;<\/p>\n \u00a0\u00a0\u00a0“Authority”<\/b> means the Uganda Retirement Benefits Regulatory Authority established by section 2;<\/p>\n \u00a0\u00a0\u00a0“beneficiary”<\/b> means a person designated by a member of a retirement benefits scheme, or by the rules of the scheme to benefit under the scheme;<\/p>\n \u00a0\u00a0\u00a0“Board”<\/b> means the Board of Directors of the Authority appointed under section 8;<\/p>\n \u00a0\u00a0\u00a0“Chairperson”<\/b> means the chairperson of the Board;<\/p>\n \u00a0\u00a0\u00a0“Chief Executive Officer”<\/b> means the Chief Executive Officer of the Authority appointed under section 15;<\/p>\n \u00a0\u00a0\u00a0“currency point”<\/b> has the value given to it in Schedule 1;<\/p>\n \u00a0\u00a0\u00a0“custodian”<\/b> means a Financial Institution whose business includes taking responsibility for the safe custody of the funds, securities, financial instruments and documents of title of the assets of scheme funds and licensed under this Act;<\/p>\n \u00a0\u00a0\u00a0“defined retirement benefits scheme”<\/b> means a retirement benefits scheme in which a sponsor undertakes to provide benefits expressed in the form of annuity or lump sum calculation, based on work history and guaranteed return on contribution account regardless of the investment performance of the fund associated with the scheme and accordingly constitutes a contingent liability for the sponsor;<\/p>\n \u00a0\u00a0\u00a0“fiduciary”<\/b> has the meaning given to it by section 72;<\/p>\n \u00a0\u00a0\u00a0“Fund”<\/b> means the Retirement Benefits Regulatory Authority Fund established by section 20;<\/p>\n \u00a0\u00a0\u00a0“fund manager”<\/b> means a person appointed by the trustees to advice on the investment of the assets of the scheme in accordance with such terms and conditions of service as may be specified in the instrument of appointment and licensed under this Act;<\/p>\n \u00a0\u00a0\u00a0“inspector”<\/b> means a person appointed by the Board under section 75 to inspect and examine the books of accounts, records, returns or documents of a retirement benefits scheme;<\/p>\n \u00a0\u00a0\u00a0“interim administrator”<\/b> means a person appointed by the Chief Executive Officer under section 78 to assume the management, control and conduct of the affairs of a retirement benefits scheme in place of the trustee, custodian or fund manager of the retirement benefits scheme;<\/p>\n \u00a0\u00a0\u00a0“irrevocable trust”<\/b> means a legal entity created for the benefit of designated beneficiaries which shall not be revoked or cancelled after its creation;<\/p>\n \u00a0\u00a0\u00a0“member”<\/b> means a person who is admitted to the membership of a retirement benefits scheme, who makes contributions, or in respect of whom contributions are made to a retirement benefits scheme;<\/p>\n \u00a0\u00a0\u00a0“Minister”<\/b> means the Minister responsible for finance;<\/p>\n \u00a0\u00a0\u00a0“retirement benefits scheme”<\/b> means a legally binding agreement or arrangement other than a contract for life assurance whether established by a written law or by any other instrument, under which members are entitled to benefits in the form of annuity or a lump sum payable upon retirement, or upon death, termination of service or upon the occurrence of an event specified in the written law, agreement or arrangement;<\/p>\n \u00a0\u00a0\u00a0“scheme rules”<\/b> means the rules specifically governing the constitution, administration and management of a retirement benefits scheme;<\/p>\n \u00a0\u00a0\u00a0“secretary”<\/b> means the secretary to the Board appointed under section 13;<\/p>\n \u00a0\u00a0\u00a0“sponsor” <\/b>means a person who establishes a retirement benefits scheme;<\/p>\n \u00a0\u00a0\u00a0“Tribunal”<\/b> means the Retirement Benefits Appeals Tribunal established under this Act;<\/p>\n \u00a0\u00a0\u00a0“trustee”<\/b> means a person responsible for managing a retirement benefits scheme in accordance with the scheme rules and legal requirements under this Act.<\/p>\n \u00a0<\/p>\n PART II \u00a0<\/p>\n Uganda Retirement Benefits Regulatory Authority.<\/p>\n \u00a0<\/p>\n <\/a>2.\u00a0\u00a0\u00a0Establishment of the Uganda Retirement Benefits Regulatory Authority.<\/p>\n \u00a0\u00a0\u00a0(1) There is established an Authority to be known as the Uganda Retirement Benefits Regulatory Authority.<\/p>\n \u00a0\u00a0\u00a0(2) The Authority shall be a body corporate with perpetual succession and a common seal and may for the discharge of its function under this Act\u2014<\/p>\n \u00a0\u00a0\u00a0(a<\/i>)\u00a0\u00a0\u00a0sue and be sued in its corporate name;<\/p>\n \u00a0\u00a0\u00a0(b<\/i>)\u00a0\u00a0\u00a0acquire, hold, manage and dispose of movable and immovable property; and<\/p>\n \u00a0\u00a0\u00a0(c<\/i>)\u00a0\u00a0\u00a0do all acts and things a body corporate may lawfully do.<\/p>\n \u00a0<\/p>\n <\/a>3.\u00a0\u00a0\u00a0Official seal of the Authority.<\/p>\n \u00a0\u00a0\u00a0(1) The official seal of the Authority shall be in a form determined by the Board.<\/p>\n \u00a0\u00a0\u00a0(2) The official seal shall, when affixed to any document, be authenticated by the signatures of the Chief Executive Officer and the Secretary to the Board.<\/p>\n \u00a0\u00a0\u00a0(3) In the absence of the Chief Executive Officer, the person performing the functions of the Chief Executive Officer shall sign in his or her place.<\/p>\n \u00a0\u00a0\u00a0(4) In the absence of the Secretary a person performing the functions of the Secretary shall sign in the place of the Secretary.<\/p>\n \u00a0\u00a0\u00a0(5) An instrument or contract which if executed or entered into by a person other than a body corporate would not require to be under seal, may be executed or entered into on behalf of the Authority by the Chief Executive Officer or the Secretary to the Board or a person duly authorised by resolution of the Board.<\/p>\n \u00a0\u00a0\u00a0(6) Every document purporting to be an instrument or contract executed or issued by or on behalf of the Authority in accordance with this section shall be deemed to be so executed or issued until the contrary is proved.<\/p>\n \u00a0<\/p>\n <\/a>4.\u00a0\u00a0\u00a0Objective of the Authority.<\/p>\n \u00a0\u00a0\u00a0The objective of the Authority is to supervise and regulate the establishment, management and operation of retirement benefits schemes, and to protect the interests of members and beneficiaries of retirement benefits schemes in Uganda.<\/p>\n \u00a0<\/p>\n <\/a>5.\u00a0\u00a0\u00a0Functions of the Authority.<\/p>\n \u00a0\u00a0\u00a0(1) The functions of the Authority are to\u2014<\/p>\n \u00a0\u00a0\u00a0(a<\/i>)\u00a0\u00a0\u00a0regulate and supervise the establishment, management and operation of retirement benefits schemes in Uganda, in both the public and private sectors;<\/p>\n \u00a0\u00a0\u00a0(b<\/i>)\u00a0\u00a0\u00a0licence retirement benefits schemes in Uganda;<\/p>\n \u00a0\u00a0\u00a0(c<\/i>)\u00a0\u00a0\u00a0licence custodians, trustees, administrators and fund managers of retirement benefits schemes;<\/p>\n \u00a0\u00a0\u00a0(d<\/i>)\u00a0\u00a0\u00a0approve an actuary or auditor of any retirement benefit scheme;<\/p>\n \u00a0\u00a0\u00a0(e<\/i>)\u00a0\u00a0\u00a0protect the interests of members and beneficiaries of retirement benefits schemes including the promotion of transparency and accountability;<\/p>\n \u00a0\u00a0\u00a0(f<\/i>)\u00a0\u00a0\u00a0improve understanding and promote the development of the retirement benefits sector;<\/p>\n \u00a0\u00a0\u00a0(g<\/i>)\u00a0\u00a0\u00a0promote the stability and integrity of the financial sector through ensuring stability and security of retirement benefits schemes;<\/p>\n \u00a0\u00a0\u00a0(h<\/i>)\u00a0\u00a0\u00a0ensure sustainability of the retirement benefits sector with a view to promoting long term capital development;<\/p>\n \u00a0\u00a0\u00a0(i<\/i>)\u00a0\u00a0\u00a0advise the Minister on all matters relating to the development and operation of the retirement benefits sector;<\/p>\n \u00a0\u00a0\u00a0(j<\/i>)\u00a0\u00a0\u00a0implement Government policy relating to retirement benefits schemes;<\/p>\n \u00a0\u00a0\u00a0(k<\/i>)\u00a0\u00a0\u00a0promote public awareness of the retirement benefits sector; and<\/p>\n \u00a0\u00a0\u00a0(l<\/i>)\u00a0\u00a0\u00a0any other function conferred upon it under this Act.<\/p>\n \u00a0\u00a0\u00a0(2) In the exercise of its functions, the Authority shall\u2014<\/p>\n \u00a0\u00a0\u00a0(a<\/i>)\u00a0\u00a0\u00a0adopt a clear, transparent and consistent supervisory process to regulate the establishment, management and operation of retirement benefits schemes in Uganda in both the public and private sectors;<\/p>\n \u00a0\u00a0\u00a0(b<\/i>)\u00a0\u00a0\u00a0issue guidelines and prudential norms for the proper management and operation of retirement benefits schemes;<\/p>\n \u00a0\u00a0\u00a0(c<\/i>)\u00a0\u00a0\u00a0adopt measures to minimise any conflict of interest that may arise between the members of a retirement benefits scheme and the trustees, custodians or fund managers of the retirement benefits scheme;<\/p>\n \u00a0\u00a0\u00a0(d<\/i>)\u00a0\u00a0\u00a0create the necessary environment for the orderly growth and development of retirement benefits schemes;<\/p>\n \u00a0\u00a0\u00a0(e<\/i>)\u00a0\u00a0\u00a0ensure fairness in the execution of its functions under this Act; and<\/p>\n \u00a0\u00a0\u00a0(f<\/i>)\u00a0\u00a0\u00a0undertake any activity that is necessary to facilitate the discharge of its functions for giving full effect to the provisions of this Act.<\/p>\n \u00a0<\/p>\n <\/a>6.\u00a0\u00a0\u00a0Powers of the Authority.<\/p>\n \u00a0\u00a0\u00a0For the purpose of carrying out its objectives, the Authority may exercise, perform and discharge any of the following powers\u2014<\/p>\n \u00a0\u00a0\u00a0(a<\/i>)\u00a0\u00a0\u00a0control, supervise and administer the assets of the Authority in such manner and for such purposes to promote the purpose for which the Authority is established;<\/p>\n \u00a0\u00a0\u00a0(b<\/i>)\u00a0\u00a0\u00a0conduct any investigation or inquiry relevant to the retirement benefits industry in Uganda;<\/p>\n \u00a0\u00a0\u00a0(c<\/i>)\u00a0\u00a0\u00a0conduct any inspection and examination of books of accounts, records, returns and any document or premises of a licensed person or scheme;<\/p>\n \u00a0\u00a0\u00a0(d<\/i>)\u00a0\u00a0\u00a0issue guidelines, directives or instructions to any licensed person for the proper management of a retirement benefit scheme;<\/p>\n \u00a0\u00a0\u00a0(e<\/i>)\u00a0\u00a0\u00a0search the premises of any licensed person in accordance with this Act;<\/p>\n \u00a0\u00a0\u00a0(f<\/i>)\u00a0\u00a0\u00a0delegate any of its powers other than the powers of revocation, licensing, delegation or variation of such delegation; and<\/p>\n \u00a0\u00a0\u00a0(g<\/i>)\u00a0\u00a0\u00a0do such other things to ensure efficiency in the management of retirement benefit schemes.<\/p>\n \u00a0<\/p>\n <\/a>7.\u00a0\u00a0\u00a0Independence of the Authority.<\/p>\n \u00a0\u00a0\u00a0(1) The Authority shall be independent in the performance of its functions and shall not be subject to the direction, instruction or control of any person or authority.<\/p>\n \u00a0\u00a0\u00a0(2) Notwithstanding subsection (1), the Minister may give the Authority policy guidelines.<\/p>\n \u00a0<\/p>\n Board of Directors.<\/p>\n \u00a0<\/p>\n <\/a>8.\u00a0\u00a0\u00a0Board of Directors of the Authority.<\/p>\n \u00a0\u00a0\u00a0(1) The Authority shall have a Board of Directors appointed by the Minister which shall comprise of\u2014<\/p>\n \u00a0\u00a0\u00a0(a<\/i>)\u00a0\u00a0\u00a0the Permanent Secretary of the Ministry responsible for finance or his or her representative authorised in writing;<\/p>\n \u00a0\u00a0\u00a0(b<\/i>)\u00a0\u00a0\u00a0the Permanent Secretary of the Ministry responsible for labour or his or her representative authorised in writing;<\/p>\n \u00a0\u00a0\u00a0(c<\/i>)\u00a0\u00a0\u00a0the Permanent Secretary of the Ministry responsible for public service or his or her representative authorised in writing;<\/p>\n \u00a0\u00a0\u00a0(d<\/i>)\u00a0\u00a0\u00a0four persons, not being public officers who are knowledgeable or experienced in matters relating to the administration of retirement benefits schemes, banking, insurance, finance, law accounting, economic or actuarial studies; and<\/p>\n \u00a0\u00a0\u00a0(e<\/i>)\u00a0\u00a0\u00a0the Chief Executive Officer appointed under section 15.<\/p>\n \u00a0\u00a0\u00a0(2) A person shall not be eligible for appointment under paragraph (d<\/i>) if such person is an employee or director of any company, firm or institution where such employment or directorship may lead to a conflict of interest.<\/p>\n \u00a0\u00a0\u00a0(3) The Minister shall appoint a Chairperson from among the members appointed under subsection (1)(d<\/i>).<\/p>\n \u00a0\u00a0\u00a0(4) The members of the Board shall hold office on terms and conditions specified in their instruments of appointment.<\/p>\n \u00a0\u00a0\u00a0(5) The Minister shall, in appointing the members of the Board, ensure that there is a balance of gender, skills and experience among the members of the Board.<\/p>\n \u00a0\u00a0\u00a0(6) The members of the Board shall be persons of high moral character, proven integrity and shall be fit and proper persons as prescribed in Part I of Schedule 3.<\/p>\n \u00a0<\/p>\n <\/a>9.\u00a0\u00a0\u00a0Tenure of office of members of the Board.<\/p>\n \u00a0\u00a0\u00a0(1) A member of the Board, other than the Chief Executive Officer shall hold office for five years and is eligible for reappointment for only one more term.<\/p>\n \u00a0\u00a0\u00a0(2) A member of the Board may, at any time, resign his or her office in writing addressed to the Minster.<\/p>\n \u00a0\u00a0\u00a0(3) A member of the Board may be removed from office by the Minister\u2014<\/p>\n \u00a0\u00a0\u00a0(a<\/i>)\u00a0\u00a0\u00a0for inability to perform the functions of his or her office arising from infirmity of body or mind;<\/p>\n \u00a0\u00a0\u00a0(b<\/i>)\u00a0\u00a0\u00a0for misbehaviour or misconduct;<\/p>\n \u00a0\u00a0\u00a0(c<\/i>)\u00a0\u00a0\u00a0for incompetence;<\/p>\n \u00a0\u00a0\u00a0(d<\/i>)\u00a0\u00a0\u00a0for conflict of interest;<\/p>\n \u00a0\u00a0\u00a0(e<\/i>)\u00a0\u00a0\u00a0if the member is bankrupt or insolvent or enters into a composition scheme with his or her creditors;<\/p>\n \u00a0\u00a0\u00a0(f<\/i>)\u00a0\u00a0\u00a0if a member is convicted of an offence involving dishonesty, fraud or moral turpitude; or<\/p>\n \u00a0\u00a0\u00a0(g<\/i>)\u00a0\u00a0\u00a0if the member is absent without prior permission of the Chairperson, or without reasonable cause to the satisfaction of the Minister, for more than four consecutive meetings of the Board, or is absent from Uganda for more than 12 consecutive months.<\/p>\n \u00a0\u00a0\u00a0(4) Where a member of the Board resigns, dies, is removed from office, ceases to be a member of the institution or body which he or she represents on the Board, the Chairperson shall notify the Minister of the vacancy and the Minister shall appoint another person to hold the office for the unexpired portion of the member’s term of office.<\/p>\n \u00a0\u00a0\u00a0(5) Where the member of the Board referred to in subsection (4) is the Chairperson, the Secretary to the Board shall notify the Minister of the vacancy and the Minister shall appoint another person, being a member of the Board, to hold office for the unexpired portion of the Chairperson’s term of office.<\/p>\n \u00a0\u00a0\u00a0(6) Where a member of the Board is under investigation for an offence involving dishonesty, fraud or moral turpitude, the member shall not perform his or her duties as a Board member until investigations are concluded.<\/p>\n \u00a0<\/p>\n <\/a>10.\u00a0\u00a0\u00a0Remuneration of Board members.<\/p>\n \u00a0\u00a0\u00a0The Chairperson and members of the Board shall be paid such remuneration and allowances as may be determined by the Minister.<\/p>\n \u00a0<\/p>\n <\/a>11.\u00a0\u00a0\u00a0Functions of the Board.<\/p>\n \u00a0\u00a0\u00a0(1) The Board is responsible for the general direction and supervision of the Authority.<\/p>\n \u00a0\u00a0\u00a0(2) For the purpose of subs<\/p>\n {mprestriction ids=”1,2,3″}<\/p>\n ection (1), the Board shall\u2014<\/p>\n \u00a0\u00a0\u00a0(a<\/i>)\u00a0\u00a0\u00a0review and approve strategic and operating plans, budgets, reports and audited financial statements of the Authority;<\/p>\n \u00a0\u00a0\u00a0(b<\/i>)\u00a0\u00a0\u00a0oversee the operations of the Authority;<\/p>\n \u00a0\u00a0\u00a0(c<\/i>)\u00a0\u00a0\u00a0control, supervise and administer the assets of the Authority;<\/p>\n \u00a0\u00a0\u00a0(d<\/i>)\u00a0\u00a0\u00a0approve organisational structures of the Authority;<\/p>\n \u00a0\u00a0\u00a0(e<\/i>)\u00a0\u00a0\u00a0establish and approve rules of procedure for appointment, termination, discipline and terms and conditions of staff of the Authority;<\/p>\n \u00a0\u00a0\u00a0(f<\/i>)\u00a0\u00a0\u00a0monitor and supervise the implementation of the Act;<\/p>\n \u00a0\u00a0\u00a0(g<\/i>)\u00a0\u00a0\u00a0advise the Minister on all matters in relation to the Act and developments in the retirement benefits sector; and<\/p>\n \u00a0\u00a0\u00a0(h<\/i>)\u00a0\u00a0\u00a0perform any other function incidental to the functions prescribed in paragraphs (a<\/i>) to (g<\/i>).<\/p>\n \u00a0\u00a0\u00a0(3) The Board is, in the performance of its functions responsible to the Minister.<\/p>\n \u00a0\u00a0\u00a0(4) The Board shall perform its functions in accordance with sound financial principles and shall ensure, as far as possible, that the revenue of the Authority is sufficient to meet expenditure properly charged to revenue.<\/p>\n \u00a0<\/p>\n <\/a>12.\u00a0\u00a0\u00a0Meetings of the Board.<\/p>\n \u00a0\u00a0\u00a0The meetings of the Board shall be conducted in the manner prescribed in schedule 2 to this Act.<\/p>\n \u00a0<\/p>\n <\/a>13.\u00a0\u00a0\u00a0Secretary to the Board.<\/p>\n \u00a0\u00a0\u00a0(1) The Board shall appoint a secretary to the Board on terms and conditions as the Board may determine.<\/p>\n \u00a0\u00a0\u00a0(2) The secretary shall report to the Board through the Chief Executive Officer.<\/p>\n \u00a0<\/p>\n <\/a>14.\u00a0\u00a0\u00a0Committees of the Board.<\/p>\n \u00a0\u00a0\u00a0(1) The Board may appoint committees of the Board to advise it on any matter concerning the functions of the Board as it may determine.<\/p>\n \u00a0\u00a0\u00a0(2) A committee appointed under subsection (1) shall consist of a Chairperson who shall be a member of the Board and such other persons, whether members of the Board or not, as the Board may determine.<\/p>\n \u00a0\u00a0\u00a0(3) The Board shall, in writing, specify the terms and conditions of service of the members of a committee appointed under subsection (1).<\/p>\n \u00a0\u00a0\u00a0(4) The Board may delegate any of its functions under this Act to a committee appointed under this section.<\/p>\n \u00a0\u00a0\u00a0(5) The Board may require a committee appointed under this section to act jointly or in co-operation with any other committee.<\/p>\n \u00a0\u00a0\u00a0(6) Members of a committee appointed under this section may be paid such allowances as the Minister may determine.<\/p>\n \u00a0\u00a0\u00a0(7) Subject to any direction given by the Board, a committee appointed under this section may regulate its own procedure.<\/p>\n \u00a0<\/p>\n CHIEF EXECUTIVE OFFICER AND OTHER STAFF OF THE AUTHORITY.<\/p>\n \u00a0<\/p>\n <\/a>15.\u00a0\u00a0\u00a0Chief Executive Officer.<\/p>\n \u00a0\u00a0\u00a0(1) The Authority shall have a Chief Executive Officer who shall be appointed by the Minister on recommendation of the Board, on terms and conditions specified in the instrument of appointment.<\/p>\n \u00a0\u00a0\u00a0(2) A person shall not be appointed Chief Executive Officer unless that person\u2014<\/p>\n \u00a0\u00a0\u00a0(a<\/i>)\u00a0\u00a0\u00a0has academic or professional qualifications in accounting, finance, economics, insurance, law or banking with experience and competence to manage the affairs of the Authority; and<\/p>\n \u00a0\u00a0\u00a0(b<\/i>)\u00a0\u00a0\u00a0is a person of high moral character and proven integrity.<\/p>\n \u00a0\u00a0\u00a0(3) The Chief Executive Officer shall be an ex officio<\/i> member of the Board and shall attend all meetings of the Board with no right to vote at any meeting of the Board.<\/p>\n \u00a0<\/p>\n <\/a>16.\u00a0\u00a0\u00a0Functions of Chief Executive Officer.<\/p>\n \u00a0\u00a0\u00a0(1) The Chief Executive Officer is responsible for the day-to-day operations and administration of the Authority.<\/p>\n \u00a0\u00a0\u00a0(2) Subject to this Act and to the general supervision and control of the Board, the Chief Executive Officer is responsible for\u2014<\/p>\n \u00a0\u00a0\u00a0(a<\/i>)\u00a0\u00a0\u00a0implementing the objectives, policies and programmes of the Authority and reporting on them to the Board;<\/p>\n \u00a0\u00a0\u00a0(b<\/i>)\u00a0\u00a0\u00a0the proper management of the funds and property of the Authority;<\/p>\n \u00a0\u00a0\u00a0(c<\/i>)\u00a0\u00a0\u00a0the organisation, control and discipline of the staff of the Authority;<\/p>\n \u00a0\u00a0\u00a0(d<\/i>)\u00a0\u00a0\u00a0the development of an operating plan to guide the Authority in achieving its objectives;<\/p>\n \u00a0\u00a0\u00a0(e<\/i>)\u00a0\u00a0\u00a0the development of an economic, efficient and cost effective internal management structure; and<\/p>\n \u00a0\u00a0\u00a0(f<\/i>)\u00a0\u00a0\u00a0performing any other function which may be assigned to him or her by the Board.<\/p>\n \u00a0\u00a0\u00a0(3) The Chief Executive Officer is, in the performance of his or her functions answerable to the Board.<\/p>\n \u00a0<\/p>\n <\/a>17.\u00a0\u00a0\u00a0Tenure of office of Chief Executive Officer.<\/p>\n \u00a0\u00a0\u00a0(1) The Chief Executive Officer shall hold office for five years and is eligible for re-appointment for only one more term.<\/p>\n \u00a0\u00a0\u00a0(2) The Chief Executive Officer shall cease to hold office if\u2014<\/p>\n \u00a0\u00a0\u00a0(a<\/i>)\u00a0\u00a0\u00a0he or she resigns;<\/p>\n \u00a0\u00a0\u00a0(b<\/i>)\u00a0\u00a0\u00a0he or she is declared bankrupt or insolvent, or has made an arrangement with his or her creditors;<\/p>\n \u00a0\u00a0\u00a0(c<\/i>)\u00a0\u00a0\u00a0he or she is convicted of an offence involving dishonesty, fraud or moral turpitude;<\/p>\n \u00a0\u00a0\u00a0(d<\/i>)\u00a0\u00a0\u00a0he or she is removed from office by the Minister on the recommendation of the Board for\u2014<\/p>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(i)\u00a0\u00a0\u00a0inability to perform the functions of his or her office arising from infirmity of body or mind;<\/p>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(ii)\u00a0\u00a0\u00a0misbehaviour or misconduct; or<\/p>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(iii)\u00a0\u00a0\u00a0incompetence.<\/p>\n \u00a0<\/p>\n <\/a>18.\u00a0\u00a0\u00a0Staff of the Authority.<\/p>\n \u00a0\u00a0\u00a0(1) The Board may on the advice of the Chief Executive Officer appoint staff of the Authority as may be necessary for the effective performance of the functions of the Authority.<\/p>\n \u00a0\u00a0\u00a0(2) The staff appointed under this section shall hold office on such terms and conditions as may be specified in their instruments of appointment.<\/p>\n \u00a0<\/p>\n PART III \u00a0<\/p>\n <\/a>19.\u00a0\u00a0\u00a0Funds of the Authority.<\/p>\n \u00a0\u00a0\u00a0(1) The funds of the Authority shall consist of\u2014<\/p>\n \u00a0\u00a0\u00a0(a<\/i>)\u00a0\u00a0\u00a0compulsory levies; and<\/p>\n \u00a0\u00a0\u00a0(b<\/i>)\u00a0\u00a0\u00a0licence fees.<\/p>\n \u00a0\u00a0\u00a0(c<\/i>)\u00a0\u00a0\u00a0money appropriated by Parliament for the purposes of the Authority;<\/p>\n \u00a0\u00a0\u00a0(d<\/i>)\u00a0\u00a0\u00a0grants, gifts or donations from Government or other sources made with the approval of the Minister; or<\/p>\n \u00a0\u00a0\u00a0(e<\/i>)\u00a0\u00a0\u00a0any other fees charged for services and activities rendered by the Authority under this Act.<\/p>\n \u00a0\u00a0\u00a0(2) The funds of the Authority may be applied\u2014<\/p>\n \u00a0\u00a0\u00a0(a<\/i>)\u00a0\u00a0\u00a0for payment or discharge of its expenses, obligations or liabilities incurred in connection with the performance of its functions or exercise of its powers under this Act; and<\/p>\n \u00a0\u00a0\u00a0(b<\/i>)\u00a0\u00a0\u00a0for the payment of any remuneration or allowances payable under this Act.<\/p>\n \u00a0<\/p>\n <\/a>20.\u00a0\u00a0\u00a0Retirement Benefits Regulatory Authority Fund.<\/p>\n \u00a0\u00a0\u00a0(1) There is established a Retirement Benefits Regulatory Authority Fund into which shall be paid all monies referred to in section 19(1).<\/p>\n \u00a0\u00a0\u00a0(2) The Fund shall be managed and controlled by the Authority for the purposes of defraying the expenses of the Authority.<\/p>\n \u00a0<\/p>\n <\/a>21.\u00a0\u00a0\u00a0Bank accounts.<\/p>\n \u00a0\u00a0\u00a0The Board shall open and maintain such bank accounts as are necessary for the exercise of the functions of the Authority and shall pay into them\u2014<\/p>\n \u00a0\u00a0\u00a0(a<\/i>)\u00a0\u00a0\u00a0all monies received from Government for the purposes of this Act; and<\/p>\n \u00a0\u00a0\u00a0(b<\/i>)\u00a0\u00a0\u00a0all other monies received by the Authority in the exercise of its functions under this Act.<\/p>\n \u00a0<\/p>\n <\/a>22.\u00a0\u00a0\u00a0Borrowing powers.<\/p>\n \u00a0\u00a0\u00a0The Board may, with the approval of the Minister, borrow money from any source as may be required for meeting the obligations, or discharging the functions of the Authority under this Act.<\/p>\n \u00a0<\/p>\n <\/a>23.\u00a0\u00a0\u00a0Investment of surplus funds.<\/p>\n \u00a0\u00a0\u00a0Funds of the Authority not immediately required for any purpose under this Act may in consultation with the Minister be invested in secure investments in a manner determined by the Board, in accordance with the Public Finance and Accountability Act.<\/p>\n \u00a0<\/p>\n <\/a>24.\u00a0\u00a0\u00a0Estimates.<\/p>\n \u00a0\u00a0\u00a0(1) The Chief Executive Officer shall within three months before the end of each financial year, cause to be prepared and submitted to the Board for its approval, estimates of income and expenditure and the operating plan of the Authority for the next financial year.<\/p>\n \u00a0\u00a0\u00a0(2) The Board shall, within two months after receiving the estimates referred to in subsection (1), cause to be submitted to the Minister for his or her approval, the estimates of income and expenditure of the Authority.<\/p>\n \u00a0<\/p>\n
ESTABLISHMENT AND MODE OF OPERATION OF THE UGANDA RETIREMENT BENEFITS REGULATORY AUTHORITY.<\/p>\n
FINANCES AND EXPENSES OF THE AUTHORITY.<\/p>\n
ESTABLISHMENT OF A RETIREMENT BENEFITS SCHEME.<\/p>\n
LICENSING OF CUSTODIAN, TRUSTEE, ADMINISTRATOR AND FUND MANAGER.<\/p>\n
ACCOUNTS, RECORDS AND INVESTMENT OF FUNDS OF RETIREMENT BENEFITS SCHEMES.<\/p>\n
PAYMENT OF CONTRIBUTION, ACTUARIAL VALUATION AND FIDUCIARY.<\/p>\n
APPOINTMENT OF INSPECTOR AND INTERIM ADMINISTRATOR.<\/p>\n
RETIREMENT BENEFITS APPEALS TRIBUNAL.<\/p>\n
OFFENCES AND PENALTIES.<\/p>\n
MISCELLANEOUS.<\/p>\n
PRELIMINARY.<\/p>\n
ESTABLISHMENT AND MODE OF OPERATION OF THE UGANDA RETIREMENT BENEFITS REGULATORY AUTHORITY.<\/p>\n
FUNDS AND EXPENSES OF THE AUTHORITY.<\/p>\n