The finance minister, relying on powers provided in the Pension Funds Act, made a regulation in 2011 containing a subregulation that flagrantly violates the rule of law.

The 2011 regulation limits the extent to which pension funds may invest in specified categories of assets, whether domestic or foreign. However, this regulation included a subregulation that states that pension funds’ exposure to assets that are “deemed foreign” by the Reserve Bank must not exceed a maximum “determined” by the Bank — or other amount “prescribed” by the registrar of pension funds (then executive officer of what was the Financial Services Board)...

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