Legislative Changes and Developments
Comment sought on urgent financial sector regulation amendments
Urgent draft amendments to regulations affecting the Financial Services Tribunal and Council for Medical Schemes must be in place before the end of this financial year to avoid compromising the day-to-day operations of both institutions, CompliNEWS contributor Pam Saxby reports. Already tabled in the National Assembly, according to an accompanying ...
More Financial Sector Act commencement dates
Certain amendments to the 1956 Pension Funds Act and 2007 Co-operative Banks Act provided for in Sch 4 of the 2017 Financial Sector Regulation Act are now in force. According to a Government notice announcing on Monday, the amendments concerned insert s 1B regulatory instruments into the Pension Funds Act; and s ...
FSCA releases new Notices for ODP applications; further extensions granted
The Financial Sector Conduct Authority (FSCA) has released a series of new Notices on over-the-counter derivatives provider (ODP) applications which seek to provide further clarity to applicants.
FSCA release on new extension
The submission period has been extended by a further 75 days from 1 April 2019 to 14 June 2019 ...
News from the Regulators
FSCA publishes new FAIS Notices
The Financial Sector Conduct Authority (FSCA), issued the following new FAIS Notices:
FSCA FAIS Notice 20 of 2019
Amendment of Notices on Exemption of Particular Persons from Qualification, Regulatory Examination and Fees Requirements, No 3 of 2019
FSCA FAIS Notice 19 of 2019
Exemption of Marara Risk Solutions (Pty) Ltd ...
FSCA statement on discrimination allegations against FNB
The Financial Sector Conduct Authority (FSCA) in a press release late last week said that it had noted recent allegations of racially discriminatory practices by First National Bank (FNB) – and possibly other banks - against home loan clients. They’ve also noted FNB’s response, and the North Gauteng High Court’s dismissal ...
FST updates hearing schedule until end of June 2019
The Financial Sector Tribunal (FST) has updated its hearing schedule for March to June 2019. No fewer than 21 cases will be heard during this time.
1. Section 26B(9) of the Financial Services Board Act 97 of 1990, states the following:
'The appeal board must conduct its hearings ...
FSCA publishes new pension fund exemption
Insurance firm ordered to honour indemnity for broker
The SCA has ordered an insurance company to honour professional indemnity cover for a broker who led his client to invest in the Sharemax scheme. Volksblad reports that a widow, Marisa Oosthuizen, invested R2m on the advice of her broker, Jose Castro. Centriq Insurance was previously ordered to indemnify ...
FAIS Ombud determination involving Van Zyl and Silver Seed Capital (Pty) Ltd and others
By Shamaa Sheik
The following matter was heard in the Office of the Ombud For Financial Services Providers in Pretoria:
- Johannes Gideon Van Zyl (Complainant) and Silver Seed Capital (Pty) Ltd (1st Respondent) and Sandro Manuel Azevedo Veloza (2nd Respondent) and Dion Chinnaiah (3rd Respondent) – case number FAIS 03313 ...
Real estate body publishes new governance code
The SA REIT Association has released new best-practice recommendations, as it tries to improve the reputation of the listed property sector. A Business Day report says the sector had its worst year in more than two decades last year following a number of allegations against the Resilient group of companies. The association ...
Medical aids lose billions on risk transfer deals
Leading medical schemes are losing money in opaque ‘risk transfer’ arrangements, in which they pay service providers millions of rands to manage claims that critics say they could easily handle in-house. Business Day reports the deals mean there is less money available for their own members and raises questions ...
Ombudsman for Short-term Insurance on excesses
The Ombudsman for Short-term Insurance (OSTI), recently commented on excesses in the short-term insurance industry. In the media release the Ombud answers the following questions:
- What is an excess?
- Why do you pay an excess?
- Are there different types of excesses?
- Does an insurer have to recover the excess ...
Blockchain-based ID system revealed
VBS curatorship cost R21.6m
Cyber Crimes Bill now urgent – Cisco
UK's FCA statement on share trading obligations
The UK's Financial Conduct Authority (FCA)
The EU MiFID II and onshored UK MiFID regimes both have share trading obligations (STOs) which mandate investment firms to trade certain shares on regulated markets, multilateral trading facilities, systematic internalisers or third-country trading venues assessed as equivalent by the EU and UK ...
UK's FCA fines UBS £28m for reporting failures relating to 136 million transaction reports
The UK's Financial Conduct Authority (FCA) has fined UBS AG £27.6m for failings relating to 135.8 million transaction reports between November 2007 and May 2017.
The regulator said UBS failed to ensure it provided 'complete and accurate information' regarding approximately 86.7 million reportable transactions.
Private equity – Australia's ASIC reports on corporate finance regulation – July to December 2018
The Australian Securities and Investments Commission (ASIC), has published its tenth report on the regulation of corporate finance issues. The latest report covers the period from July to December 2018 and provides an update on specific focus areas for the next six months.
Report 612 ASIC regulation of corporate finance ...
Notice from UK Financial Conduct Authority – African Land and Capital Carbon Credits schemes
Speech: Brexit and beyond – a UK regulatory perspective
Namibia's FIC recovers illicit funds
What direction is your business moving in?
By Lee Rossini
The term ‘business strategy’ is well-used in a business context, however, it is often misunderstood and not applied in an effective manner. Simply put, a business strategy refers to the game plan that the owners and managers of a business uses to position themselves in the market ...