Regulations giving practical effect to s 13 (offset allowance) of the 2019 Carbon Tax Act, were gazetted last Friday and are deemed to have become applicable on 1 June 2019, when the Act came into force. CompliNEWS contributor Pam Saxby reports that they were followed on Tuesday by the release ...
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National Treasury
The Minister of Finance has published draft amendments to Financial Sector Regulations (the Regulations) for public comment. The Regulations were made in terms of ss 61(4), 288 and 304 of the Financial Sector Regulation Act 9 of 2017 (FSR Act), published in Government Notice R405 of 29 ...
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Comment is sought by 21 February 2020 on a draft joint standard for central counterparty licence applications, CompliNEWS contributor Pam Saxby reports. Released on Thursday, once finalised it will be applied by both the Financial Sector Conduct Authority and the Prudential Authority. According to the accompanying statement of need, any ...
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The Financial Sector Conduct Authority (FSCA) has warned the public to act with caution when dealing with Prestige Burial Services (Mabopane) CC. The FSCA received information that Prestige Burial Services (Mabopane) CC sells funeral covers to the public without a long-term insurer underwriting the said policies.
Prestige Burial Services (Mabopane ...
The Financial Sector Conduct Authority (FSCA) will host a series of workshops in early 2020 to help industry understand how to comply with the requirements of the FAIS (Financial Advisory and Intermediary Services) Act. The free event will be held at the following venues:
The Financial Sector Conduct Authority (FSCA) has exempted Discovery Life Investment Services (Pty) Ltd, FSP 30277, subject to certain specified conditions,up until 30 June 2021, from paragraph 48(1) of the Fit and Proper Requirements.
Section 48(1) states that 'the assets of a person referred to in section 46(1)(a ...
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By Shamaa Sheik
The following matter was heard in the Financial Services Tribunal on 16 November 2019:
Office of the FAIS Ombud
On Friday 6 December 2019, the Office of the FAIS Ombud (OFO) launched its Annual Report for the year 2018/2019 at the Southern Sun Hotel in Arcadia, Pretoria.
The Annual Report provides a review of the performance of the OFO during the financial year ...
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A recent judgment by a full bench of the Grahamstown High Court makes it unlawful for banks to bring National Credit Act matters before the high court instead of the much cost effective magistrates’ courts.
According to a Moneyweb report the judgment means lenders no longer have the luxury of suing in ...
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Legalbrief Today Issue 4840
Old Mutual, whose shareholders have lost about R17bn in value since the company first suspended former CEO Peter Moyo, said it may take years before it recovers from the reputational damage caused by the saga. It also said that it was open to a settlement. The ...
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A former law firm director in the UK misled clients for six weeks about the progress of their case because he was too ‘embarrassed’ to admit he was struggling, a tribunal has heard. According to a Law Gazette report, Rodney Etherington, a solicitor for 12 years, admitted acting dishonestly when ...
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Michael Volkov (on the Corruption, Crime and Compliance blog)
Even the mighty can fall – Apple agreed to pay OFAC $467k for violations of the Foreign Narcotics Kingpin Sanctions regulations.
In 2008, Apple entered into an applications development agreement with SIS, a Slovenian company. SIS and its director and ...
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From January firms will no longer be able to call consumers out of the blue and use sophisticated sales tactics to pressure people into buying life insurance and CCI products
The Australian Securities & Investments Commission (ASIC) announced on Wednesday the implementation of a ban on unsolicited ‘cold call’ telephone ...
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By Lee Rossini
An emergency or crisis can appear in any number of different guises and unfortunately, we may not be prepared to deal with every incident. Deena Katz, a well-respected authority in the USA financial services space, has described the guidelines that should be followed in an emergency or ...
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By Lee Rossini
An emergency or crisis can appear in any number of different guises and unfortunately, we may not be prepared to deal with every incident. Deena Katz, a well-respected authority in the USA financial services space, has described the guidelines that should be followed in an emergency or crisis. She suggests that a business continuity plan should be divided into two action plans; one for during a crisis and one for after the crisis.
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