With regard to FATF-RECOMMENDATION 19 (HIGHER-RISK COUNTRIES) Central Bank of Suriname is drawing attention to apply enhanced due diligence measures by financial institutions in mitigating risks. Countermeasures that could be undertaken by countries include the following, and any other measures that have a similar effect in mitigating risks:

• requiring financial institutions to apply specific elements of enhanced due diligence;
• introducing enhanced relevant reporting mechanisms or systematic reporting of financial transactions;
• refusing the establishment of subsidiaries or branches or representative offices of financial institutions from the country concerned, or otherwise taking into account the fact that the relevant financial institution is from a country that does not have adequate AML/CFT systems;
• prohibiting financial institutions from establishing branches or representative offices in the country concerned, or otherwise taking into account the fact that the relevant branch or representative office would be in a country that does not have adequate AML/CFT systems;
• limiting business relationships or financial transactions with the identified country or persons in that country;
• prohibiting financial institutions from relying on third parties located in the country concerned to conduct elements of the CDD process;
• requiring financial institutions to review and amend, or if necessary terminate, correspondent relationships with financial institutions in the country concerned;
• requiring increased supervisory examination and/or external audit requirements for branches and subsidiaries of financial institutions based in the country concerned;
• requiring increased external audit requirements for financial groups with respect to any of their branches and subsidiaries located in the country concerned.

Follow the links for an overview of the High Risk Jurisdictions and other controlled jurisdictions:

• High-Risk Jurisdictions subject to a Call for Action - 13 February 2026
• Jurisdictions under Increased Monitoring - 13 February 2026
• High-risk and other monitored jurisdictions
• High-Risk Jurisdictions subject to a Call for Action - 13 June 2025
• Jurisdictions under Increased Monitoring - 13 June 2025
• High-Risk Jurisdictions subject to a Call for Action - 21 February 2025
• Jurisdictions under Increased Monitoring - 21 February 2025
• High-Risk Jurisdictions subject to a Call for Action - 25 October 2024
• Jurisdictions under Increased Monitoring - 25 October 2024
• High-Risk Jurisdictions Subject to a Call for Action – June 2024
• Jurisdictions under Increased Monitoring – June 2024
• High-Risk Jurisdictions subject to a Call for Action - February 2024 
• Jurisdictions under Increased Monitoring - 23 February 2024

Other relevant links:

• Caribbean Financial Action Task Force (CFATF)
• Financial Action Task Force (FATF)
• De Nationale Assemblée
• FIU-Suriname

General information

The basis of the supervisory task of the Centrale Bank van Suriname (henceforth referred to as CBvS) is laid down in article 10 of the Central Bank Act 2022 (Official Gazette 2023 no. 65). According to this article, the CBvS has, among other things, the task of supervising the banking and credit system, the pension and the insurance sector, the money exchange transactions and the transfer of financial resources to and from abroad and the capital market, against the background of the applicable legislation and regulation. The supervision focuses on the soundness and integrity of the institutions active in these sectors and sub-sectors. 

The Supervision Directorate is headed by a director and consists of the Insurance Supervision Department, Pension Fund Supervision Department, Credit Union Supervision Department, Bank Supervision Department, Money Transfer Offices Supervision and Capital Market Supervision Department, Financial Integrity Department and Financial Stability Department. 

The Insurance Supervision Department supervises 12 insurance companies and 1 holding company. The supervision of the aforementioned institutions is currently regulated in the Banking and Credit Institutions Supervision Act 1968 (Bulletin of Acts, Orders and Decrees. 1968 no. 63) as lastly amended by Decree of 7 November 1986 (Bulletin of Acts, Orders and Decrees 1986 no. 82) (henceforth referred to as WTK 1986). 

The supervision of insurance companies includes:

• prudential supervision; which focuses on guaranteeing financial stability by monitoring compliance with the rules regarding the soundness of insurance companies and thus protecting the interests of insured persons and third parties entitled to insurance benefits and the confidence of the public in the insurance sector.
• integrity supervision; which focuses on combating financial and economic crime (such as the prevention and combating of money laundering and the financing of terrorism, fraud, corruption, conflicts of interest and violation of sanctions legislation) to guarantee financial stability and confidence in the financial sector. Integrity supervision also includes overseeing that there is an ethical corporate culture, granting permits and assessing the suitability and integrity of executive directors, board members and qualified shareholders. 

The supervision of the CBvS does not extend to mediating between individual clients and insurance companies. Due to the assigned tasks, the CBvS concentrates on tackling matters of a collective nature. Responding to problems between individual clients and insurance companies therefore falls outside the orientation area of the CBvS.

The supervision of insurance companies is carried out through off-site monitoring, on-site inspections and periodic meetings. The aim of the supervision is to assess the financial condition and activities of an insurer, to assess the effect of the business management and financial relationships among the insurer and its affiliated companies, as well as to verify compliance with laws and regulations relating to the prevention and combating of money laundering and the financing of terrorism.

Off-site monitoring

The off-site monitoring can be described as the processing, analysis and assessment of, among other things, the financial information or reports of the insurance companies. The findings of which act as a signal for possible problems, grouped by risk areas.

On-site inspection

On-site inspections are carried out at an insurance company with the aim to compare the institution's risk profile with its risk-bearing capacity and to identify any issues that may affect the institution's ability to meet its long-term obligations to policyholders. On-site inspections may supplement the analysis from off-site monitoring and provide the supervisor with the opportunity to verify received information. On-site inspections may also help detect problems that may not be apparent through off-site monitoring. It is important that on-site inspections are coordinated with off-site monitoring to increase efficiency and avoid duplication of work.

Based on its findings and the information obtained during the on-site inspection, the CBvS can oblige an insurance company to take measures that are considered necessary to guarantee sound business operations.

Periodic meetings

The periodic meetings have the following objectives:

• Stay informed of developments within insurance companies and the insurance sector;
• Discuss notable developments directly with the insurance company's management;
• Monitor agreements made during the on-site inspection or recommendations made as a result of the findings observed.

NEED TO KNOW

Placing an insurance company under supervision

Pursuant to article 5 paragraph 1 of the WTK 1986, which is still applicable to insurance companies, a declaration of no objection from the CBvS is required for every legal entity that wishes to conduct business in Suriname. In addition, a business license must be  obtained from the Ministry of Economic Affairs, Entrepreneurship & Technological Innovation.

The application for a declaration of no objection to conduct insurance business must include a number of details as mentioned in the guidelines on the application for a declaration of no objection such as:

• A business plan that includes a market study;
• A minimum share capital to be determined by the CBvS;
• The objective of the insurance company (to be established), clearly expressed in the name;
• The legal form of the insurance company;
• The minimum number of executive directors or supervisory board members as determined by the CBvS;
• Annual statements should be submitted to the CBvS within a specific period as determined by the CBvS;
• Furthermore, the (draft) articles of association of the insurance company (to be established) must also comply with a number of requirements of the CBvS. Amendments are subjected to the approval of the CBvS. 

The CBvS has a draft act, namely the “Insurance Supervision Act” (henceforth referred to as WTV), which will replace the WTK 1986. The draft Insurance Supervision Act was sent to the minister of Finance & Planning, who will redirect the draft Act to parliament for approval.  Both acts aim to exercise supervision to protect the interests of insured persons and third parties entitled to insurance benefits, as well as to promote public confidence in the insurance sector. Unlike the WTK 1986 the WTV is a specific and separate regulation for the supervision of the insurance sector, including insurance intermediaries and holding companies.  

The new act will provide the CBvS with more power and more effective instruments to exercise its supervision. For example according to the WTV, the CBvS will act as the only licensing authority. It will also authorize the CBvS to take immediate actions against insurance companies who do not comply with the Act, depending on the seriousness of the circumstances. 

In addition to the aforementioned requirements the CBvS assesses, in accordance with the Directive for Suitability of Executive Directors, Supervisory Board Members and Qualified Shareholders of Insurers issued on March 10, 2021 (henceforth referred to as the Directive for the Suitability of Persons of Insurers), whether a candidate executive director or supervisory board member is suitable for a position and whether his or her integrity is beyond doubt.

However, at all times it remains the responsibility of the supervised insurance company to carry out an adequate assessment of the expertise, professionalism and integrity of candidates nominated for a management or supervisory position, as well as qualified shareholders.

Assessment of integrity and expertise of Executive Directors, Supervisory Board Members and Qualified Shareholders

In accordance with the Directive for the Suitability of Persons of Insurers, the CBvS assesses the following persons:

• all persons, both natural persons and legal entities, who directly or indirectly, alone or in consultation, can significantly influence decision-making at the insurer at the highest level. This concerns qualified shareholders of the insurer and, where appropriate, their representatives.
• All persons who, as executive directors or supervisory board members, are or will be responsible for the management or supervision of the insurer.

When is the assessment carried out and of which persons?

The assessment is carried out at the registration of candidate executive directors or supervisory board members of a starting insurance company, incumbent board members who are standing for re-election, when there is a change in the duties of an executive director or when holding, acquiring or increasing a qualifying share in an insurance company. 

The prospective and/or incumbent executive directors and supervisory board members may be appointed by the General Meeting of Shareholders “subject to approval of the CBvS”.

What documents are required?

Under the Directive for the Suitability of Persons of Insurers, the following documents, among others, are required:

• A recent passport photo;
• An extract from the population register, maximum six months old;
• A copy of a valid identity document (ID card/passport/driving license) for residents;
• A copy of the relevant pages of the valid passport for non-residents;
• A declaration of nationality for non-residents;
• A statement from the Attorney General regarding the background check, not older than six months. If it concerns non-residents, a certificate of good conduct issued by the competent judicial authorities, clearly stating the date of issue.
• Proof of the highest education received (applicable to directors and supervisory board members).

In addition to the documents, the CBvS also requires each candidate to list two references in order to obtain more information about the respective candidates. The information is obtained by means of a questionnaire, which is sent to the listed references.   

The assessment is carried out on the basis of the criteria included in the Directive for the Suitability of Persons of Insurers. 

General

The Centrale Bank van Suriname (CBvS) strives to maintain the stability of the financial system, as stated in Article 9 of the Central Bank Act 2022. It aims to achieve this goal by carrying out the supervisory tasks stated in Article 10 of the aforementioned law. According to this article, the CBvS has, among other tasks, the duty of supervising the banking and credit system, the pension and insurance system, currency exchange providers, money transfer remittances from and to foreign countries, and the capital market, with the applicable legislation and regulations taken into account. Supervision focuses on the soundness and integrity of the institutions in these sectors, for which the Supervision Directorate is responsible.

This Directorate consists of:

• a Secretariat;
• a Staff Unit;
• the Credit Union Supervision Department;
• the Pension Funds Supervision Department;
• the Banking, Money Transaction Offices and Capital Markets Supervision Department;
• the Insurance Supervision Department;
• the Financial Integrity Department and
• the Financial Stability Department.

The Banking and Credit System Supervision Act 2023 (BCSS 2023) forms the basis for the technical implementation of the supervision of credit institutions. According to the BCSS 2023, a credit institution is a legal person whose business mainly consists of obtaining immediate or repayable funds, whether or not in the form of savings or against the issue of one or more types of debt securities and the extension of loans or investments on its account. Based on this definition, credit unions are classified as credit institutions and supervision of credit unions has been delegated to the Credit Union Supervision Department.

Considering the definition, a credit union is more than a financial institution. A credit union is a democratically managed organization on a cooperative basis and does not have a profit as the main goal. Members pay an entrance fee to become a member. This enables the members to take ownership of the credit unions and grants them the right to elect a Board that sets the policy. An executive director may also be appointed.

Subsequently, the names of the supervised Credit Unions are published annually in the first half of January in the National Gazette Of The Republic Of Suriname.

Establishment of a credit union

The establishment of a credit union must be done through a legal process.

According to the BCSS 2023, a license from the CBvS is required to carry out the activities of a credit union, with the legal form of a cooperative association. With regard to Article 3 of the BCSS 2023, this license must be requested from the CBvS by registered letter.

In addition, the documentation listed in Article 3 of the BCSS 2023 must be submitted for approval of the CBvS. Besides, the documents mentioned in Article 3, the CBvS may also require further information to be provided. Articles 2, 4 to 11 must also be considered for the establishment of a credit union. Furthermore, The Cooperative Associations Act 2017, the Annual Accounts Act 2017 and the Act on Preventing and Combating Money Laundering and Terrorism Financing 2022 must also be taken into account.

The license application process

Before a credit union is established, documents will have to be prepared. This may take some time. In addition, a Board must be formed consisting of at least five members. A Supervisory Committee (supervisory body) will also have to be formed. Only members of the credit union can staff these bodies. The names and functions of these persons must also be provided to the Bank. In accordance with Article 19 paragraph 2 of the BCSS 2023, permission from the CBvS is required for the staffing of the aforementioned bodies. Furthermore, persons and/or officials can also be hired within the credit union who, in the Bank's opinion, can influence the risk profile of a credit union. These persons and/or officials will also be assessed by the Bank in accordance with Article 19 paragraph 3 of the BCSS 2023. Before permission is granted, the members of the Board and the Supervisory Committee, if present the director and de aforementioned persons and/or officials will undergo a fit and proper test, in which the availability and time, the importance of the institution and independence, professional competence, financial soundness, personal characteristics and the integrity are tested by completing an application. Also, assessment and introductory interviews are held.

Furthermore, a preliminary investigation must be carried out, demonstrating that the credit union will be viable. The results of this investigation must be included in a business plan, among other things. This plan should also include the following:

• The goal and vision, including the need for establishment, activities and target groups.
• The staffing.
• The segregation of duties (front office, back office, internal audit and compliance officer).
• An organization chart.
• The procedure regarding the manner and frequency of reporting to the board/director.
• A minimum number of members of 250 to establish a viable credit union.
• Financial projections for the first three years of operation, consisting of a balance sheet, income statement and cash flow statement. This must also include a forecast of the expected solvency and liquidity position following the applicable standards of the CBvS.
• Risk management process (including automation and security).
• The competitive position of the credit union.
• Name of the external auditor.

After all documentation is submitted under Article 3 of the BCSS 2023, the CBvS will proceed with the assessment. Furthermore, costs will be charged with regard to the license application.

When the documents have been approved and the members of the Board and the Supervisory Committee have received permission from the CBvS, the license is issued by means of an order. The Bank shall make its decision within three months from the date of receipt of a complete application.

Hereafter, the credit union will have to comply with the monthly/quarterly and annual reporting obligations. Credit unions are also institutions of public interest, which means that annual accounts must be prepared in accordance with the Annual Accounts Act 2017.

Supervision on credit unions

The supervision of credit unions consists of:

• prudential supervision that focuses on the financial structure. The aim is to create a healthy credit union sector to protect the entrusted funds and to enhance the trust of the members in the institutions;
• integrity supervision that focuses on:
  • corporate governance (good governance), which relates to honest and expert directors, who formulate and implement a responsible policy for the institutions based on provided guidelines;
  • combating Money Laundering and Terrorism Financing (ML/TF). The aim is to provide credit unions with a minimum framework to adequately and proactively combat ML/TF by identifying, assessing, investigating and taking actions to mitigate these risks.

Furthermore, supervision is conducted through off-site monitoring and on-site inspections:

• Off-site monitoring

After a credit union is granted a license, the institution must report on a regular basis, in a form prescribed by the CBvS (off-site monitoring). The off-site monitoring consists of analyzing these reports, which is carried out periodically (monthly, quarterly, semi-annually, annually) based on the prescribed reporting statements, instructions and guidelines. The results of these analyses act as a warning signal for possible problems, whereas, it may be necessary to write a letter or arrange a meeting. In addition, periodic meetings are held with the aim of keeping the supervisor abreast of developments within the institutions.

• On-site inspection

During the on-site inspections, the business operation and management of the institution are assessed on the spot based on its books and records. The basis of this is the off-site monitoring.

Recovery and resolution of credit institutions

With the implementation of the Central Bank Act 2022, the CBvS is required to establish rules with regard to taking and implementing preventive, early intervention and resolution measures with regard to credit institutions, in order to maintain financial stability in Suriname. As a result, the Credit Institutions Recovery and Resolution Act 2024 was promulgated. Therefore, in addition to being a monetary and supervisory authority, the Bank is also a resolution authority.

The CBvS, knowledgeable and experienced with regard to the supervision (supervisory function) of credit institutions, is already familiar with the information regarding credit institutions, which provides the necessary efficiency in the performance of its tasks, therefore the resolution function will take, the information, expertise and capacity available at supervision into account. This allows the supervisory task to involve the resolution function at an early stage if it identifies certain developments and problems. This is conducive to prompt an effective intervention, if it can be derived from the reported figures and trends that risks appear to be taking on undesirable proportions and a credit institution is or is likely to find itself in a situation of discontinuity. This can only improve the stability within the financial sector. In addition, a credit institution in resolution remains under the supervision of the Bank, unless the resolution process ultimately leads to the withdrawal of the license and the liquidation of the institution, which underlines the importance of close cooperation between the supervisory function and the resolution function.

Liquidation by the savings institution itself

A credit union can decide to liquidate itself. Therefore, any credit union will be obliged to notify the Bank in writing within two business days in accordance with Article 33 of the BCSS 2023. A period to be determined by the Bank will be observed before a decision to liquidate can be implemented. Such decisions must be made under the supervision of the Bank and according to its instructions.

GENERAL

The basis of the supervisory task of the Centrale Bank van Suriname (henceforth referred to as CBvS) is laid down in Article 9 of the Central Bank Act 2022 (Official Gazette 2022 no. 65). According to this article, the CBvS has, among other things, the task of supervising the banking and credit system, the pension and insurance system, the exchange of money and the transfer of financial resources to and from abroad, against the background of the applicable legal regulations. The supervision focuses on the soundness and integrity of the institutions in these sectors and sub-sectors. 

The Prudential Supervision Directorate is responsible for the prudential and integrity supervision of financial institutions. This directorate consists of a secretariat and the Pension Funds Supervision Department, Banking Supervision, Money Transfer Offices Supervision and Capital Market Supervision Department, Insurance Supervision Department, Credit Union Supervision Department, Financial Stability Department and Staff Unit.

The Pension Funds and Provident Funds Act (Official Gazette 2005 no. 75) forms the basis for the supervision of voluntary pension schemes, including pension funds and provident funds. The technical implementation of the supervision of pension funds and provident funds has been delegated to the Pension Funds Supervision Department. The names of the supervised pension funds and provident funds are published in the first half of January of each year in the Advertising Gazette of the Republic of Suriname according to the situation as at 31 December of the previous year. 

Supervision of pension and provident funds includes:

• prudential supervision that focuses on the financial structure, expertise and integrity of board members of institutions and therefore on protecting the interests and increasing the trust of the participants in their institution and the funds entrusted to the institution.
• the integrity supervision that focuses on:
  • a “clean” and honest pension sector by tackling financial and economic crime;
  • managing integrity risks at supervised institutions;
  • fit and proper board members who, based on a code of conduct, formulate responsible policy for their institutions. 

The intent is through adequate supervision mitigate the risk of institutions getting into difficulties, as well as the sector as a whole, as a result of, among other things, money laundering activities, financing of terrorism and/or corruption, as well as insolvency. 

In accordance with the Act to prevent and combat Money Laundering and Terrorist Financing – Official Gazette 2022 no. 138 (henceforth referred to as WMTF), the CBvS conducts AML/CFT supervision, part of the integrity supervision, on all financial institutions. In this context, the Pension Fund Supervision Department supervises all pension funds and provident funds, including the General Pension Fund, which does not fall under the prudential supervision of the CBvS. 

In this context, the CBvS has issued the guideline “Regulation Code of Conduct for Pension funds and Provident Funds” and, pursuant to the provisions of the WMTF, the “AML/CFT and Corruption directive for Pension funds and Provident Funds”.

Integrity risk management includes preventing involvement in criminal activities including, but not limited to, money laundering, financing terrorism and other violations of the WMTF or acting contrary to generally accepted standards.

The starting point of the CBvS is that integrity risk management promotes ethical behavior and an ethical corporate culture. To prevent conflicts of interest, integrity risk management should be included in the institutions' code of conduct.

Necessary to know 

What is a pension fund?

According to the Pension Funds and Provident Funds Act a pension fund is an institution affiliated with one or more companies, in which funds are collected for the benefit of persons affiliated with the company or companies for the purpose of securing retirement. 

What is a provident fund?

According to the Pension Funds and Provident Funds Act, a provident fund is an institution associated with one or more companies, in which funds are collected for the benefit of persons associated with those companies to save for purposes of providing a one-off payment by way of old-age provision.

Establishment of a pension fund or provident fund

The establishment of a pension fund or provident fund must be done according to legal procedures. It is recommended to follow this process carefully. The employer must report the pension commitment to the CBvS. The board of pension funds or provident funds must also register the pension fund or provident fund with the CBvS within 3 months after its establishment by means of a registration form. Below is an overview of the obligations of this process: 

What legal form should the pension fund or provident fund have?

Pension funds and provident funds must have the legal form of a foundation under Surinamese law.

When must a pension fund or provident fund be registered with the CBvS?

The board of a pension fund or provident fund is obliged to register the pension fund or provident fund with the CBvS within 3 months after its establishment.

When must the board of the pension fund or provident fund submit a request to the CBvS for the issue of a declaration of no objection?

When registering, the board of a pension or provident fund submits a request to the CBvS for the issue of a declaration of no objection to be allowed to operate as a pension fund or provident fund.

Which documents must be submitted when registering a pension fund or provident fund (in formation)?

The documents to be submitted are as follows.

• A copy of the deed of incorporation or the statutes;
• Proof of registration in the Foundation Register;
• A copy of the articles of association and regulations certified by the board;
• A copy, certified by the board, of the agreement regarding the arrangement regarding the payment of the contributions.

Where should the notification of the establishment of a pension fund or provident fund be made?

The notification of the establishment of a pension fund or provident fund should be made to the CBvS.

Which provisions must the articles of association and the (pension) regulations of the pension fund or provident fund contain as a minimum?

The articles of association and the regulations of a pension fund or provident fund must at least contain provisions that comply with the provisions of the Pension Funds and Provident Funds Act.

What information is also required by the CBvS during the same period of this process?

The following information is required by the CBvS:

• Statement of the actuary charged with the actuarial activities for the benefit of the pension fund, if the pension fund have all or part of its obligations under own management.
• Statement of the external auditor charged with auditing the annual accounts.
• Statement of the administrator of the pension fund or provident fund.
• Statement of the persons with signing power, stating the respective authorization rights.

Declaration of no objection

If the pension fund or provident fund has been registered with the CBvS, a request must also be made to the CBvS, on the basis of the Pension Funds and Provident Funds Act, for the issuance of a declaration of no objection. 

Pursuant to the legal provisions, the CBvS decides on the request to issue a declaration of no objection within 3 months after receipt of the required data, evidence and information. 

The decision is notified by the CBvS to the pension fund or provident fund by registered letter. 

For the purpose of the aforementioned process, the “Guideline for the supervision and issuance of a declaration of no objection for pension funds and provident funds” has been issued.

Testing fit and proper of board members

In accordance with the Pension Funds and Provident Funds Act, the CBvS tests the board members of a pension fund or provident fund who determine or help determining the policy on their expertise and integrity. Lower requirements are set for a provident fund with regard to expertise. 

When will the assessment take place and which persons?

The assessment takes place when the board of a starting pension fund or provident fund registers or when registering prospective board members and if current board members from existing pension funds and provident funds apply for re-election. 

Which documents are required?

The following documents are required under the Pension Funds and Provident Funds Act:

• The curriculum vitae
• A statement from the Attorney General regarding the antecedents
• A recent extract from the population register
• A recent matching photo
• A recent nationality statement
• A copy of the identity card
• The fully completed application form

This assessment takes place on the basis of the “Guideline regarding requirements for board members in the field of integrity and expertise”.

The supervision of pension funds or provident funds 

Off - site inspection

The off-site inspection can be described as the processing, analysis and assessment of information or reports from the pension or provident funds, the findings of which act as a signal for possible problems, grouped by risk areas. 

On-site inspection

On-site inspection is carried out, among other things, at a pension fund or provident fund based on (the extent of) identified risks to which the pension fund or provident fund is exposed or red flags that have been identified during the off-site inspection. The operational management of the institution is assessed on site, among other things on the basis of the documentation made available. 

Periodic meetings

These discussions take place if the CBvS deems it necessary or at the request of a pension fund or provident fund and have the following objectives:

• To inform board members of responsibilities and accountability when accepting the position of board member.
• Keeping abreast of developments within the pension fund or provident fund.
• To assist the pension fund or provident fund in all kinds of matters.
• Discuss observed developments directly with the board of the pension fund or provident fund to prevent (insurmountable) problems.

End of supervision 

Settlement of pension funds or provident funds

If a pension fund or provident fund has achieved its goal or will no longer achieve its goal, it is necessary to have this institution terminated. A pension fund or provident fund can be dissolved by administrative decision or by a decision of the sub-district court judge. After all formalities as included in the articles of association as well as the rules of the Pension Funds and Provident Funds Act and the CBvS have been complied with, the supervision can be terminated, after which the pension fund or provident fund can be closed, followed by the deregistration of the pension fund or provident fund from the Foundation Register.