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22 October 2020 Financial Service Intelligence Watch

Legislative Changes and Developments


ASB seeks comment on materiality exposure draft

Comment is sought by 26 February 2021 on an Accounting Standards Board exposure draft focusing on ‘the effects of past decisions on materiality’, reports CompliNEWS contributor Pam Saxby. This is noting that – in terms of the 1999 Public Finance Management Act – the board is responsible for determining generally ...

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Commentary on Legislative Changes and Development


Prudential Authority, FSCA functions clarified

Until 31 March 2024, the functions of the Prudential Authority and the Financial Sector Conduct Authority (FSCA) in relation to medical schemes – and the associated powers and duties of these two authorities in terms of the 2017 Financial Sector Regulation Act – ‘must be exercised by the Council for ...

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News from the Regulators


FSCA exempts a further 44 funds in terms of Board composition

The Financial Sector Conduct Authority (FSCA), under section 7B(1) of the Pension Funds Act (PFA) 24 of 1956, read with section 281(3) of the Financial Sector Regulation Act 9 of 2017, has exempted a further 44 funds from the provisions of section 7A(1) of the PFA.

  • Section ...
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Enforcement News


JSE hits Steinhoff with R13.5m fine

Legalbrief Today Issue 5047

The Johannesburg Stock Exchange has fined retailer Steinhoff a total of R13.5m for breaching its listing requirements, according to a Fin24 report. This includes a maximum possible fine of R7.5m for publishing ‘incorrect, false and misleading’ information in its previous financial statements. ‘The accuracy ...

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Relevant Rulings


FST case summary involving Osgood and Discovery Life and another

By Shamaa Sheik

The following matter was handed down in the Financial Services Tribunal on 19 October 2020:

  • Marie Elise Osgood (Applicant) and; Discovery Life (1st Respondent) and The Ombud for Financial Services Providers (2nd Respondent) – (case number: FAB 70/2020)

Fast facts

Application for reconsideration – complaint – ...

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Local News


Discovery, doctor poised for R30m lawsuit battle

Legalbrief Today Issue 5046

A multimillion-rand litigation battle is brewing between insurance giant Discovery Life and a gynaecologist, who is headed to court on Friday. News24 notes the gynaecologist, Dr Patrick Tigere, is counter-suing Discovery for about R30m. At the heart of Tigere's dispute with Discovery are the ...

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'Fronting' remains an issue, says commission

Legalbrief Today Issue 5047

The commission monitoring compliance with empowerment legislation says it has received almost 700 complaints of fronting – in which ‘token’ black people are passed off as company shareholders – in the past four years. The Broad-Based BEE (B-BBEE) Act, which aims to increase black participation in ...

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Man accused of investment fraud worth R40m gets bail

A man arrested for R40m investment fraud has been granted R20 000 bail. According to an IoL report, Matthew Charles Dunn appeared at the Palm Ridge Specialised Commercial Crimes Court, where he was granted bail, the Hawks said on Tuesday. Hawks Gauteng spokesperson Captain Ndivhuwo Mulamu said Dunn was arrested at ...

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International News


Compliance Focus


Reminder re COB, RE, qualification FSCA deadlines

Compli-Serve SA

Failure to complete the compulsory Regulatory Examinations, Class of Business Training (where applicable), or qualifications by the due date means that you are no longer fit and proper.

FSPs will have no option but to terminate employment of representatives, either by removing them from the representative register until such time ...

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Working Smart


Being professional during an online meeting

By Lee Rossini

Even though lockdown has meant a return to face-to-face (albeit with precautions in place) meetings, there is no doubt that the use of technology instead of face-to-face meetings has remained high. The question is: what can you do to ensure that you remain visible and make an impact ...

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Data Protection


Namibia


NAMFISA releases 2020 Annual Report

The Namibia Financial Institutions Supervisory Authority (NAMFISA) released their 2020 Annual Report. The Board Chairperson, Mr Gersom R Katjimune, said in the Foreword:

'While continuing the transition toward Risk based Supervision (RBS) to improve the regulatory and supervisory framework of the NBFI sector in Namibia, the Authority awaits the promulgation ...

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Working Smart

By Lee Rossini

Even though lockdown has meant a return to face-to-face (albeit with precautions in place) meetings, there is no doubt that the use of technology instead of face-to-face meetings has remained high. The question is: what can you do to ensure that you remain visible and make an impact during an online interaction? Communication tactics that work well in a face-to-face environment do not necessarily translate into good presence in an online meeting or workshop.

CPD

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