Legislative Changes and Developments
More changes proposed for JSE listing requirements
Comment is sought by 22 August 2019 on proposed amendments to the JSE listing requirements for public shareholders, including substantive changes to the process of appointing an independent sponsor. CompliNEWS contributor Pam Saxby reports that other amendments mooted have implications for listing by way of an introduction; pre-listing documents to be ...
New Bill confirms NHI’s vulnerability
‘In a favourable economic environment’, ‘new taxation options’ for the fund to be established by the National Health Insurance (NHI) Bill will be considered. Meanwhile, it will depend on ‘some’ conditional grants being shifted from the Department of Health – as well as ‘some or all’ monies for ‘personal ...
News from the Regulators
FSCA warns the public against Guarantee Trust Fund (Pty) Ltd
The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services business with Guarantee Trust Fund (Pty). Guarantee Trust Fund 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 FSCA received ...
FSCA warns the public against Inhalt Communications Group (Pty) Ltd
The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services business with Inhalt Communications Group (Pty) Ltd, trading as Inhalt Markets. Inhalt Markets’ FSP licence was withdrawn due to failure to adhere to its licensing conditions. Inhalt Markets is therefore not authorised in terms of the ...
FSCA FAIS Workshops
The Financial Sector Conduct Authority (FSCA) will host a series of workshops to help industry understand how to comply with the requirements of the Financial Advisory and Intermediary Services (FAIS) Act 37 of 2002. It invites all small financial services providers (FSPs) and small, medium and micro enterprise business (SMME ...
27 cases to be heard by the FST before end of November 2019
The Financial Services Tribunal (FST) has released its hearing schedule for the period 20 August 2019 to 30 November 2019.
Section 232(3) of the Financial Sector Regulation Act 9 of 2017 states the following:
'A panel must conduct any hearing it holds in public, but the person presiding over ...
FST case summary involving Pieter Cronje Makelaars and Van Zyl and others (Ombud determination set aside)
By Shamaa Sheik
The following matter was heard in the Financial Services Tribunal on 25 June 2019:
- Pieter Cronje Makelaars (Applicant) and Carel Jacobus Van Zyl (1st Respondent); Hester Dorethea Van Zyl (2nd Respondent)*; Ombud For Financial Services Providers (3rd Respondent) – case number: FAB 19/2019
*The use of ...
DA questions constitutionality of NHI Bill
The DA wants an urgent answer on whether the National Health Insurance (NHI) Bill passes constitutional muster, says a News24 report. DA leader Mmusi Maimane said he had written to National Assembly Speaker Thandi Modise to urgently request that she instructs the parliamentary legal services to obtain a ...
Private equity industry making major strides in transformation
Recently there has been a slew of reports on gender equality in the workplace.
The South African private equity industry for instance is making significant advances within the area of transformation, a 2019 survey released by the Southern African Venture Capital Association (SAVCA) shows. According to the survey, the percentage ...
State Attorney to address MPs on NHI Bill
The National Assembly’s Health Committee is to be addressed by the State Attorney to ascertain the constitutionality of the National Health Insurance (NHI) Bill, committee chair Sibongiseni Dhlomo said yesterday. ‘As the committee starts this process, we want to address the concerns raised by various people, including those ...
Tribunal defines would-be whistle-blowers' protections
Employees who research how to blow the whistle can rely on the same legal protections as actual whistle-blowers, a tribunal has found. According to a Law Gazette report, client service executive James Stuart Bilsbrough claimed he was subjected to a detriment and unfair dismissal after he discovered an ...
Strong Customer Authentication in UK/ Europe
The UK's Financial Conduct Authority (FCA) this week agreed to a plan that gives the payments and e-commerce industry extra time to implement Strong Customer Authentication (SCA).
From 14 September 2019, new European Union (EU) rules will start to apply that impact the way in which banks or payment services ...
US' SEC obtains freeze of $8 million in assets in alleged fraudulent token offering
The US Securities and Exchange Commission (SEC) announced fraud charges against a Brooklyn individual and two entities under his control who allegedly engaged in a fraudulent scheme to sell digital securities to investors and to manipulate the market for those securities. On 12 August 2019, the court entered an emergency freeze ...
Century-old law decides stepsisters' inheritance dispute
Malaysia files graft charges against Goldman Sachs directors
Westpac refunding $7 million to affected customers for incorrect fees
TCF, MI and CoFI
The Conduct of Financial Institutions Bill (CoFI), embeds the Treating Customers Fairly (TCF) outcomes, which means they will become binding in SA. Fair treatment should be central to the firm culture, products should actually meet needs of consumers. Suitable advice should be provided, which takes into account the ...
Compli-Serve's Regulatory Risk Log for August published
Compli-Serve SA has released the August edition of its regulatory risk log with the latest on legislation and regulatory news.
August 2019 Risk Log
Working smart - Managing teams
By Lee Rossini
Research consistently shows that human beings naturally self-organise and like to belong. Why not use these tendencies to your advantage in the work environment? The role of a team plays several functions, it enables a sense of belonging in employees and provides security. Team members share a ...