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02 April 2020 Financial Service Intelligence Watch

Legislative Changes and Developments


JSE overhauls debt listing requirements

Substantive proposals for amending Johannesburg Stock Exchange (JSE) debt listing requirements have been released for comment in the form of objections by 9 April. CompliNEWS contributor Pam Saxby reports that, among other things, they spell out the general principles to be observed ‘in all corporate actions and … all submissions ...

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Commentary on Legislative Changes and Development


News from the Regulators


Enforcement News


FSCA fines Connie van Nieuwkerk two administrative penalties

The Financial Sector Conduct Authority (FSCA) has ordered administrative penalties against Ms Connie van Nieuwkerk for breaches of s 76 of the Securities Services Act 36 of 2004 (SSA), during her time as director and Chief Financial Officer of both African Dawn Limited (African Dawn) and Alliance Mining Corporation Limited (Alliance ...

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Relevant Rulings


Local News


Temporary retail loan restructuring imminent

Stakeholders have until the end of the week to comment on a draft directive issued on Monday by the South African Reserve Bank on factors to be considered when restructuring a retail loan following a client’s exposure to risk directly associated with the COVID-19 pandemic. CompliNEWS contributor Pam Saxby reports that ...

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Temporary capital relief proposed for banks

The South African Reserve Bank (SARB) has announced its intention to provide temporary capital relief to banks with the aim of alleviating risks associated with the COVID-19 pandemic. CompliNEWS contributor Pam Saxby reports that, to that end, comment was sought by 3 April 2020 on a draft directive proposing that the ...

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Banking LCR directive confirmed

A Prudential Authority directive temporarily revising the minimum liquidity coverage ratio (LCR) requirement to 80% was released on Wednesday afternoon, giving legal effect to a measure already in place. CompliNEWS contributor Pam Saxby notes that this is expected to ‘aid compliance with the LCR during the … Covid-19 pandemic stress ...

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International News


Federal Court in Australia confirms Storm Financial directors breached duties

In Australia the Full Federal Court has confirmed that the directors of Storm Financial, Emmanuel and Julie Cassimatis, breached their duties as directors. This according to a press release issued by the Australian Securities & Investments Commission (ASIC).

Since around 1994, Storm Financial operated a system created by the Cassimatises ...

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Compliance Focus


Conditions required to trigger force majeure

Legalbrief Today Issue 4909

‘We have already seen the economic and business impact of Covid-19 in China, Italy and Japan and it is almost inevitable that this will spread to the rest of the world. It is thus important for companies to take proactive steps to ensure that they can ...

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POPIA has not commenced

Compli-Serve SA

There are certain media reports that the Protection of Personal Information Act (POPI Act or POPIA) commenced on 1 April 2020. This is incorrect. POPIA has not commenced as the President has not proclaimed the date in the Government Gazette.

The Information Regulator had asked the President to proclaim ...

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Clearing up confusion for business

Legalbrief Forensic Issue 703

Certain regulations put in place by the government have caused confusion. It is important that businesses are clear on what will and won’t be allowed during this three-week period. Some of these questions are examined in a Moneyweb analysis, including: 

Can a business continue to operate ...

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Working Smart


Mastering working from home

By Lee Rossini 

Working from home, or WFH for short, sounds good on paper but how does it feel in reality – especially, after a few weeks of isolation? For many managers and employees, it is a new and different way of working, one which was thrust upon them without ...

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Working Smart

By Lee Rossini

Working from home, or WFH for short, sounds good on paper but how does it feel in reality – especially, after a few weeks of isolation? For many managers and employees, it is a new and different way of working, one which was thrust upon them without much warning or time to adjust. In addition, WFH can have its challenges if managing children, pets and household duties at the same time.   

  

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