Legislative Changes and Developments
New accounting standard out for comment
Comment is sought by 30 November on proposals for revising the generally recognised accounting practice for employee benefits and related disclosures – as well as proposals for revising their interpretation as this affects ‘the limit on a defined benefit asset, minimum funding requirements and their interaction’. CompliNEWS contributor Pam Saxby ...
News from the Regulators
Financial Services Tribunal reduces penalty imposed by FSCA on MET Collective Investments
The Financial Services Tribunal (Tribunal) has handed down its decision on an application by MET Collective Investments (Pty) Ltd (METCI) for a reconsideration of a decision and order made by the Financial Sector Conduct Authority (FSCA), in which the FSCA imposed a penalty of R100 million for contraventions of the ...
The FSCA issues public warning against Davids Community Funeral Services
The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with Davids Community Funeral Services (Davids Funerals). The FSCA suspects Davids Funerals of conducting unauthorised financial services business and breaching various financial sector laws.
The FSCA received information that Davids Funerals is conducting insurance business ...
The FSCA issues public warning against Morning Star Pentecostal Funeral Fund Mitchells Plein
The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with Morning Star Pentecostal Funeral Fund Mitchells Plein (Morning Star). The FSCA suspects Morning Star of conducting unauthorised financial services business and breaching various financial sector laws.
The FSCA received information that Morning Star is ...
FSCA issues public warning against J P Funeral
The FSCA issues public warning against Alpine Funeral Undertakers
Boards of retirement funds: expiration of term of office and COVID-19
FSCA Commissioner appointment regulations finalised
Former financial adviser sentenced to six years’ imprisonment for dishonest conduct in Australia
A former financial adviser and director of Australian financial services licensee CFS Private Wealth Pty Ltd, has been sentenced to six years imprisonment for misappropriating $1.865 million of client funds. This follows an Australian Securities & Investments Commission (ASIC) investigation.
The charges, made in terms of s 1041G of the 2001 ...
FST case summary involving MET Collective Investments (RF) (Pty) Ltd and the Financial Sector Conduct Authority
By Shamaa Sheik
The following matter was handed down in the Financial Services Tribunal on 29 July 2020:
- MET Collective Investments (RF) (Pty) Ltd (Applicant) and Financial Sector Conduct Authority (Respondent) – (case number: A23/2019)
Decision - MET Collective Investments (RF) (Pty) Ltd v FSCA and another
COVID-19 tax relief validity period extended?
Finance Minister Tito Mboweni intends using provisions in the 2009 Money Bills Amendment Procedure & Related Matters Act to approach the National Assembly’s Standing Committee on Finance for extensions to the validity period of certain COVID-19 tax relief measures reflected in the COVID-19 Disaster Management Tax Relief Bill and Disaster ...
Draft Tax Amendment Bills released for comment
Comment is sought by 31 August 2020 on a draft Taxation Laws Amendment Bill; its explanatory memorandum; a draft Tax Administration Laws Amendment Bill; and its explanatory memorandum. CompliNEWS contributor Pam Saxby reports that they were released last week by National Treasury, with draft amendments to electronic services regulations issued ...
AFU freezes assets of alleged pyramid scheme
Legalbrief Today Issue 4994
The Asset Forfeiture Unit has obtained two preservation orders freezing about R18.5m in assets as well as three luxury vehicles against a company known as Up Money, which it has labelled a pyramid scheme, says a News24 report. Advocate Ouma Rabaji, deputy NDPP and head ...
SARS aiming to criminalise mistakes – lawyer
Impact of COVID-19 on detection of money laundering and terrorist financing
Financial Action Task Force (FATF)
After a brief update on risks, challenges and other relevant issues related to ML/TF detection reported by FATF and FSRB members and observers, experts representing national financial intelligence units, regulators and the private sector shared their views in a webinar on topics such as ...
The latest from the UK on BI settlements
Following the conclusion of the test case trial on 30 July 2020, the UK's Financial Conduct Authority (FCA) is currently awaiting the High Court judgment on the test case to resolve uncertainty about insurers’ liability for certain Business Interruption (BI) insurance policies. The test case does not directly address how ...
UK regulator consults on new rules to improve open-ended property fund structures
The UK's Financial Conduct Authority (FCA) is consulting on proposals to reduce the potential for harm to investors from the liquidity mismatch in open-ended property funds. The new rules as proposed would require investors to give notice – potentially of up to 180 days - before their investment is redeemed. The FCA ...
LIBOR transition – ISDA faces critical period in transition
In-house legal departments outsource services
Global privacy expectations of video teleconference providers
Compliance – Where’s the work at?
By Richard Rattue, MD, Compli-Serve SA
Many of us will be familiar with Where’s Waldo? – the books where you try to spot the lanky gent wearing stripes among all the distractions. Imagining Waldo as a representative of the new working world may be somewhat fitting. For many, work has become something ...
Search engine optimisation
By Lee Rossini
If one of your online marketing objectives includes attracting prospective clients to your business, it makes sense that your website is easy to find online. To do this, search engine optimisation, also referred to as SEO, is the practice of optimising a website to achieve the highest ...