Legalbrief Today

A ‘lapse in internal controls within the Office of the President’ led to a gap in law which, according to the State Security Agency (SSA), leaves the country vulnerable to terrorist attacks or, according to the EFF, leaves citizens vulnerable to illegal surveillance by spooks. The Portfolio Committee ...

The Board of Healthcare Funders (BHF) has raised serious concerns about President Cyril Ramaphosa’s decision-making process in signing the National Health Insurance (NHI) Act into law. In its submission to the Gauteng High Court (Pretoria), the BHF, representing over 40 medical schemes and administrators, has requested access to records detailing ...

The case of Anova Wealth (Pty) Ltd v Financial Sector Conduct Authority (FSCA) sheds light on the rigorous enforcement of compliance standards within the South African financial services sector. The Financial Services Tribunal upheld the FSCA’s decision to cancel Anova Wealth’s financial services licence, emphasising the importance of maintaining ‘fit ...

The Financial Services Tribunal recently delivered a decisive ruling in the matter of N P Malahlela v Nedbank Limited (Case No. FSP50/2024), dismissing the applicant’s challenge against his debarment. This case underscores the critical importance of integrity and confidentiality in the financial sector, particularly in ensuring compliance with the ...

​In the case of B P I J Steenkamp v Super Group, the Financial Services Tribunal examined the debarment of Mr Steenkamp by Super Group, a financial services provider (FSP). The debarment was based on allegations that Mr. Steenkamp failed to meet the 'fit and proper' requirements as stipulated under ...

Legalbrief Today

The National Financial Ombud Scheme (NFO) has dealt with 40 859 cases since March last year and assisted consumers to receive R416m in refunds, says a report in The Mercury. Reflecting on the establishment of the NFO on its first anniversary, Reana Steyn, NFO head ombud, said the ...

The Financial Conduct Authority (FCA) has released its latest quarterly complaints data for the third quarter (Q3) of the 2024/25 financial year, covering the period from October to December 2024. The data highlights a 40% increase in new complaints compared to the same quarter last year, with 68 430 ...

The Financial Sector Conduct Authority (FSCA), in concurrence with the Prudential Authority (PA), has varied the licensing conditions of Hollard Specialist Insurance Limited (HSIL), expanding its scope of non-life insurance business. This variation, granted under section 26 of the Insurance Act 18 of 2017, came into effect on 25 February ...

The FSCA has issued a public warning about an individual fraudulently posing as a representative of BCS Markets SA (Brokstock) on Facebook to solicit investments. This impersonator falsely claims to be affiliated with the licensed financial services provider (FSP 51404) to deceive unsuspecting investors.

Brokstock has confirmed it has no ...

The FSCA has warned consumers to be cautious of individuals fraudulently claiming to represent Goldsure Financial Consultants (FSP 48178) on Facebook. These fraudsters are luring victims with promises of unrealistic investment returns, falsely claiming that an initial R1 000 investment will yield R2 381 within three months.

Goldsure has denied ...

The Financial Intelligence Centre (FIC) has announced an upcoming compliance requirement for accountable institutions under its supervision. A general request will soon be issued, requiring these institutions to submit a copy of their Risk Management and Compliance Programme (RMCP) by close of business on 12 March 2025. This request is ...

South Africa’s financial regulators are increasingly examining how retirement funds incorporate Environmental, Social, and Governance (ESG) factors and Broad-Based Black Economic Empowerment (B-BBEE) into their investment policies, reports CityWire. The Financial Conduct Sector Authority (FSCA) and the Prudential Authority are prioritising compliance with Regulation 28 (Reg 28) of the Pension ...

The Companies and Intellectual Property Commission (CIPC) has noted ongoing non-compliance among Business Rescue Practitioners (Practitioners) regarding their statutory obligation to submit monthly progress reports for the entities under their management. As required by section 132(3)(a)–(b) of the Companies Act 71 of 2008, practitioners must prepare ...

Russia’s invasion of Ukraine in 2022 triggered an unprecedented wave of international sanctions, making it the most sanctioned country in the world. As the war marks its third year, Kharon has analysed vast datasets—including corporate records, shipping data, and legal filings—to visualise the extensive impact of these sanctions. The findings ...

A Seychelles-based entity operating one of the world’s largest cryptocurrency exchanges, OKX, has pleaded guilty to violating U.S. anti-money laundering (AML) laws and has agreed to pay over $504 million in penalties, according to the U.S. Attorney’s Office for the Southern District of New York. The guilty plea ...

Illicit cryptocurrency inflows are poised to reach new record highs, with 2024 estimates currently at $40.9 billion, reports Chainalysis. However, based on historical trends, this figure is expected to exceed $51 billion as additional illicit addresses are identified. Crypto crime is not only expanding but also evolving into a ...

On 21 February 2025, Bybit, a leading cryptocurrency exchange, suffered a historic security breach, resulting in the theft of nearly $1.5 billion worth of Ether (ETH). This incident marks the largest crypto heist to date and further underscores the growing sophistication of state-sponsored cybercrime. According to Chainalysis, the stolen ...

A monumental data leak has exposed a multinational network of investment scammers, with South Africa emerging as both a prime target and an operational hub for the scheme. According to an amaBhungane investigation, thousands of unsuspecting investors were lured into fraudulent trading platforms, often promoted through deceptive online advertising. At ...

Environmental, Social, and Governance (ESG) considerations have increasingly become strategic imperatives for companies worldwide. South Africa, with its unique economic, regulatory, and socio-political dynamics, has taken significant strides in ESG adoption. However, how does South Africa compare to other nations in the ESG landscape?

This article examines South Africa’s ESG ...

Legalbrief Today

Climate change is a brutal reality, says Good Governance Africa’s Vincent Obisie-Orlu, noting the 2015 Paris Agreement was once celebrated as a turning point toward a sustainable future, but has failed. He argues the conflict between an international ambition – even a binding treaty – and country-level implementation ...

The UK's Financial Conduct Authority (FCA) has completed a multi-firm review of private market valuation processes, revealing both good practices and key areas for improvement. As private markets continue to expand, the FCA has underscored the importance of robust and transparent valuation methodologies to maintain fairness and investor confidence ...

ASISA reports that South Africa’s Collective Investment Schemes (CIS) industry ended 2024 on a high note, with assets under management reaching R3.87 trillion, reflecting a 10.8% growth from R3.49 trillion in December 2023. This impressive expansion was largely driven by a strong stock market performance, with the ...

With the new tax year commencing on 1 March 2025, retirement fund members will be eligible for their second withdrawal under the two-pot retirement system, introduced in September 2024. However, financial institutions are awaiting the revised 2025 Budget to confirm how these withdrawals will be taxed. Currently, SARS has indicated ...

Allianz Australia Insurance and AWP Australia Pty Ltd have been fined a total of $16.8 million after being found guilty of making false or misleading statements about their travel insurance products. The Supreme Court of NSW convicted Allianz of six counts of disseminating misleading information, while AWP was sentenced ...

The ASIC in Australia has intensified its fight against online investment scams, shutting down over 10,000 fraudulent websites and advertisements in the past year. Its latest report reveals that the agency has taken down 7,227 fake investment platforms, 1,564 phishing scams, and 1,257 crypto-related frauds. In ...

The financial advice profession in the UK has expressed relief after the Financial Conduct Authority (FCA) confirmed that the majority of ongoing suitability reviews had been successfully delivered by firms. According to the FCA’s findings, 83% of cases involved firms completing suitability reviews, while in a further 15% of cases ...

By Lee Rossini

Generation Z, often referred to as Gen Z, comprises individuals born between 1996 and 2010. This cohort is distinguished as true digital natives, having grown up immersed on the internet, social networks, and mobile systems. Their worldview is shaped by rapid technological advancements, economic uncertainties, and global ...

The first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under South Africa’s presidency took place on 26–27 February 2025, in Cape Town. Despite the absence of a formal communiqué, the Chair’s summary highlighted infrastructure investment, financial sector resilience, sustainable finance, and international taxation as key discussion points.

Infrastructure ...

SAIT COMPENDIUM OF TAX LEGISLATION 2025

Juta Law Editors | Print ISBN: 9781485152163; Ebook ISBN: 9781485153498

Published annually, this two-volume reference equips professionals to navigate the evolving tax landscape with confidence. The 2025 edition includes all legislative changes up to 1 January 2025, incorporating Juta’s Prelex and Pendlex for comprehensive ...