money, whether in cash or otherwise;

any donation, gift, loan, fee, reward, valuable security, property or interest in property of any description, whether movable or immovable, or any other similar advantage;

the avoidance of a loss, liability, penalty, forfeiture, punishment or other disadvantage;

any office, status, honour, employment, contract of employment or services, any agreement to give employment or render services in any capacity and residential or holiday accommodation;

any payment, release, discharge or liquidation of any loan, obligation or other liability, whether in whole or in part;

any forbearance to demand any money or money's worth or valuable thing;

any other service or favour or advantage of any description, including protection from any penalty or disability incurred or apprehended or from any action or proceedings of a disciplinary, civil or criminal nature, whether or not already instituted, and includes the exercise or the forbearance from the exercise of any right or any official power or duty;

any right or privilege;

any real or pretended aid, vote, consent, influence or abstention from voting; or

any valuable consideration or benefit of any kind, including any discount, commission, rebate, bonus, deduction or percentage,
but excludes remuneration paid by a sponsor of a retirement fund to a board member appointed by the sponsor of a retirement fund.

any gratification which objectively viewed, creates a conflict of interest with their fiduciary duty towards the fund;

token gift/s that exceed/s the annual limit set by the board in terms of the fund's gift policy, which annual limit shall not be more than R500.00 per annum in aggregate from any one service provider;

gratification relating to local or international due diligences including, but not limited to, subsistence, travel or accommodation;

any gratification relating to local or international entertainment or sporting events including, but not limited to, subsistence, travel or accommodation or

conferencing costs or board of fund expenses.

The Directive is effective from 8 March 2018.

Commitments which were entered into prior to 8 March 2018 and which are prohibited by the Directive should be withdrawn or declined by the regulated persons or entities, where possible.

If it is not possible to withdraw or decline such prior-commitments, the regulated persons or entities can honour such prior-commitments. This should not be interpreted as the FSB endorsing the prohibited action, but should be seen within the context of the effective date being 8 March 2018.