Legislative Changes and Developments
PAIA and PAJA rules: procedure for application to court
New rules under the Promotion of Access to Information Act 2 of 2000 (PAIA), for the 'procedure for application to court' were published on 4 October 2019, effectively coming into operation on 4 November 2019, for all applications regarding decisions of information officers or relevant authorities of public bodies or heads ...
NPO anti-terrorist financing guidelines mooted
Comment is sought by 7 November 2019 on a draft public compliance communication aimed at providing guidance to non-profit organisations (NPOs), their regulators and third parties dealing with NPOs ‘regarding … measures that may be implemented to combat terrorist financing and money laundering’. CompliNEWS contributor Pam Saxby reports that they were ...
Competition Act guidelines released for comment
Proposed price discrimination and buyer power abuse guidelines released this week for comment seek to provide insight into the Competition Commission’s intended interpretation of related provisions in the amended Competition Act; the principles that will inform its assessment of alleged contraventions; and how it will ‘seek to screen and assess ...
News from the Regulators
FSCA Alert regarding investing via Whatsapp
The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services business with Worldwide Investments. Worldwide Investments is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render any financial advice and intermediary services.
The said entity uses a WhatsApp ...
UK regulator fines Tullett Prebon R280 million; R7.2 billion worth of fines issued in 2019
The UK's Financial Conduct Authority (FCA) has fined Tullett Prebon (Europe) Limited (Tullett Prebon) £15.4 million (R280 million) for failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA ...
FSCA issues consumer alert against Fern Finance; FSP fined, key individual debarred for 10 years
The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services related business with the entity called Fern Finance (Pty) Ltd (Fern). Fern is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render any financial advice and intermediary services ...
FST case summary involving Ebenol Boudienste CC and Pension Fund Adjudicator & others
By Shamaa Sheik
The following matter was heard in the Financial Services Tribunal on 18 September 2019:
- Ebenol Boudienste CC (Applicant) and Pension Fund Adjudicator (1st Respondent); B Marero (2nd Respondent); North and West Boland Building (3rd Respondent); Pension Scheme GTC (Pty) Ltd (4th Respondent) – case number: PFA41/2019 ...
FSCA raid - two judges rubbish Survé claim of Gordhan link
Legalbrief Today Issue 4802
As the battle between media baron Iqbal Survé and Public Enterprises Minister Pravin Gordhan becomes increasingly vitriolic following last week’s FSCA raid on the offices of Sekunjalo, a company chaired by Survé, two judges have rubbished allegations run in his weekend newspapers that they had links ...
PIC rebuffs Survé’s ultimatum on court threat
Legalbrief Today Issue 4805
The war of words between the Public Investment Corporation (PIC) and Sekunjalo Investment Holdings chair Iqbal Survé intensified on Wednesday, with the state-owned asset manager rebuffing Survé’s ultimatum that it withdraw comments it made in Parliament or face court action. A Business Day report says the ...
Proposal to revamp global tax to be finalised next year
Legalbrief today Issue 4803
The international tax world is facing another major shake-up once the new rules on the taxing rights of income generated from cross-border activities are finalised, says a Business Day report. The final report from the Organisation for Economic Co-operation and Development (OECD) on the tax challenges ...
New ASISA Hedge Fund Classification Standard comes into effect on 1 January 2020
FIC targets motor traders on illicit cash flows
Another 'Ponzi scheme' type outfit offering returns of 20 per cent per annum
More trouble for Survé as auditor dumps his firms
UK's FCA's view on diversity and inclusion
The Financial Conduct Authority (FCA) in the UK has published a speech by Christopher Woolard, Executive Director of Strategy and Competition at the FCA, on 'Class, cliques and social codes: doing more on diversity.'
- The UK's FCA sees diversity and inclusion (D&I) as a mainstream business issue that speaks ...
Latest expectations for firms on Brexit
The Financial Conduct Authority (FCA) and regulated firms in the UK have been taking steps to prepare in the event the UK leaves the EU on 31 October 2019 without a deal. Today the FCA has issued an update on steps certain firms need to take. The FCA is aware ...
Proposal to revamp global tax to be finalised next year
The international tax world is facing another major shake-up once the new rules on the taxing rights of income generated from cross-border activities are finalised, says a Business Day report. The final report from the Organisation for Economic Co-operation and Development (OECD) on the tax challenges facing countries in an ...
FCA acts to protect those buying motor finance
UK regulator announces future work on climate change and green finance
How to implement an effective ethics and compliance committee
By Michael Volkov
Most compliance programmes include some form of internal compliance committee separate from the company’s audit committee. An internal compliance committee can play a very important role in advancing a compliance programme. But there are a number of pitfalls in how such committees are organized and how they ...
Planning a client event
By Lee Rossini
One of the marketing tools I have discussed in a past article is hosting client events. It is a waste of money, time and resources to host an event without planning it properly. The first step to a successful event is to make sure it is ...