Compli-Serve

Presents a virtual webinar on

Oh sh*t, POPIA really is coming! Now what?

Compli-Serve, in conjunction with Novation Consulting and UCT [email protected] presents…

 Time: 11 May 2021 from 10.00-12.30 (SA time)

Protection of Personal Information Act (PoPIA) with speaker Elizabeth de Stadler

A couple ...

The Financial Sector Conduct and Prudential Authorities have issued a joint standard on central counterparty licensing requirements. CompliNEWS contributor Pam Saxby reports that, among other things, it prescribes the administrative and other information to accompany each licence application (including a copy of the relevant founding documents); and matters to be ...

National Treasury has called for comments by 1 May 2021 on its intention make regulations of certain International Accounting Standards Board generally recognised practices in the context of public finance management, CompliNEWS contributor Pam Saxby reports. To that end, the Government Notice announcing this comprises Generally Recognised Accounting Practice (GRAP ...

A draft national policy national policy on data and cloud services has been gazetted for comment by 1 May, reports CompliNEWS contributor Pam Saxby. Underpinned by government’s commitment to ‘open’ data systems and ‘source frameworks’ (as opposed to those that are ‘closed and exclusive’), it seeks to encourage increased investment ...

The Financial Intelligence Centre (the Centre) has issued Public Compliance Communication 50 (PCC 50), which provides guidance and clarity on the measures a reporter must take to mitigate the loss of intelligence data when remediating reporting failures and preventing reporting failures.

PCC 50 was made available for consultation comment by ...

The Financial Sector Conduct Authority (FSCA) would like to warn the public to act with caution when dealing with Just Bridge (Pty) Ltd. Just Bridge (Pty) Ltd is not authorised in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act), to render any financial advice and ...

The following are the latest FAIS Notices issued by the Financial Sector Conduct Authority (FSCA):

FSCA FAIS Notice 34 of 2021
Extension of Period to comply with Continuous Professional Development Requirements and Exemption from Fee Requirements in respect of Brian Mataka Pitswane, 2021

FSCA FAIS Notice 33 of 2021
Exemption ...

The South African Reserve Bank (SARB) has imposed administrative sanctions on Deutsche Bank AG – Johannesburg Branch (Deutsche Bank) and directed the bank to take remedial actions. The SARB found weaknesses in the bank’s money laundering control measures following an inspection conducted in 2019 in terms of the Financial Intelligence ...

The South African Reserve Bank (SARB) has imposed administrative sanctions on Discovery Life Limited (Discovery Life) and directed the life insurer to take remedial actions. The SARB found weaknesses in the life insurer’s money laundering control measures following an inspection conducted in April 2019 in terms of the Financial Intelligence ...

By Shamaa Sheik

The following matter was handed down in the Financial Services Tribunal on 15 March 2021:

• Rodio Staff Pension Fund (1st Applicant); Rosond (Pty) Ltd (2nd Applicant) The Pension Funds Adjudicator (1st Respondent) and LSRC Employee Consultants and Benefits Administrators (Pty) Ltd (2nd Respondent) – (case number: PFA87 ...

The journey of restoring governance at KeyHealth Medical Scheme continues. So notes the Council for Medical Schemes (CMS) in releasing Press Release 4 of 2021. This follows the curatorship confirmation by the High Court of South Africa on 25 March 2021, in a judgment by Honourable Judge Kollapen.

The Scheme had ...

TransUnion released the findings of its fourth-quarter 2020 South Africa Industry Insights Report that looks at the unemployment period as a result of the Covid-19 pandemic, as well as at what the consumer credit market looks like right now.

TransUnion reports that enquiries, a measure of consumer demand, and originations ...

Legalbrief Today Issue 5143

VBS Mutual Bank has completed the transfer of guaranteed retail deposits to Nedbank, giving depositors little more than three months to collect money guaranteed to them based on an agreement between relevant authorities, says a BusinessLIVE report. The liquidator of VBS, Anoosh Rooplal, has advised qualifying ...

Speaker: Mark Steward, Executive Director of Enforcement and Market Oversight, Financial Conduct Authority (FCA)
Event: AML & ABC Forum 2021
Delivered: 24 March 2021
Note: This is the speech as drafted and may differ from the delivered version

Highlights

• Two of our biggest sanctions in the last 12 months ...

The Australian Securities and Investments Commission (ASIC) in Australia has made a product intervention order banning the issue and distribution of binary options to retail clients.

The ban will take effect from Monday 3 May 2021 after ASIC found that binary options have resulted in and are likely to result ...

Payments firm Wirecard collapsed last year in Germany’s biggest post-war fraud scandal. A parliamentary inquiry is in progress, with German Chancellor Angela Merkel and Finance Minister Olaf Scholz due to testify in April 2021.

The German government examined the possibility of bailing out Wirecard just three days before it collapsed ...

By Lee Rossini

In a recent PwC survey, nearly a third of the executives interviewed described their approach to post-pandemic work as 'going with the flow'. The authors of an article, 'What Is Your Organisation’s Long-Term Remote Work Strategy?', recently published in the Harvard Business Review, urge business owners to ...

The Information Regulator (IR) of South Africa has published the Guidance Note for the registration of Information Officers (IOs) and Deputy Information Officers (DIOs), in order to ensure proper understanding of the legislative requirements. The Protection of Personal Information Act 4 of 2013 (POPIA), prescribes compulsory requirements for the registration ...

In terms of sections 57 and 58 of the 2013 Protection of Personal Information Act, responsible parties will soon be required to notify the Information Regulator if processing is subject to prior authorisation. CompliNEWS contributor Pam Saxby reports that they will also be obliged to desist from proceeding with processing ...

THE Namibia Financial Institutions Supervisory Authority (Namfisa) appears to be undecided over Gondwana Collection Namibia's multimillion-dollar insurance claim against Hollard Insurance Namibia.

The two companies are at each other's throats over a business-interruption insurance claim to the tune of N$638 million.

A business-interruption insurance seeks to protect ...

Private equity is now firmly part of the investment mainstream, thanks to a record of strong returns. According to a report by MoneyWeek, over the last ten years, European buyout funds have achieved an annual return (as measured by internal rate of return, or IRR) of 15%, according to the ...

Private equity firms have made a series of notable investments to boost their exposure to the global logistics sector over the past year.

Loadstar notes that this has entailed deploying capital not only into physical real estate – such as Blackstone’s acquisition of a £473m portfolio of UK warehouses in October ...

The business world doesn’t seem so simple and easy to run. Buying a business is considered a rough process. An owner or investor takes into account every detail: from a brand identifying through a growth concept to business expansion. New ideas and innovative approaches are demanded to advance a new ...