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23 June 2021 Financial Service Intelligence Watch

Legislative Changes and Developments


Crypto asset regulatory framework published

Regulating crypto asset service providers will be the first step in a ‘phased’, ‘structured’ approach to bringing crypto assets within SA’s regulatory purview, according to a position paper released on Friday, CompliNEWS contributor Pam Saxby reports. Prepared by SA’s inter-governmental FinTech working group and informed by the requirements of various ...

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Employee vaccination obligations gazetted

A new consolidated ministerial directive on occupational health and safety measures during the Covid-19 State of Disaster has been gazetted – among other things giving employers 21 days to decide if they intend making vaccination mandatory, notes CompliNEWS contributor Pam Saxby. If so, within the same timeframe they should identify ...

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News from the Regulators


Statements about the effect of Covid-19 vaccines on life insurance policies

Financial Sector Conduct Authority

It has been brought to the attention of the Financial Sector Conduct Authority (FSCA) that there are inaccurate reports, particularly on social media platforms, which indicate that getting the Covid-19 vaccine will render life insurance policies 'null-and-void' because the vaccines are regarded as 'experimental medicine'.

It ...

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Update on Impilo Plus Insure; regulatory permissions now granted

On 18 February 2021, the Financial Sector Conduct Authority (FSCA) cautioned the public about conducting business with Impilo Plus (Impilo Plus (Pty) Ltd t/a Impilo Plus Insure), who were conducting unauthorised financial services. At the time, Impilo Plus was not authorised to provide financial services, as defined in terms ...

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Relevant Rulings


SCA case summary involving Discovery Life Limited v Hogan and Another

By Shamaa Sheik

The following judgment was handed down in the Supreme Court of Appeal on 11 June 2021:

  • Discovery Life Limited (Appellant); and Michael William Hogan (1st Respondent), Joan Hazel Hogan (2nd Respondent) – (case number: 389/2020) 

Fast facts

Insurance policy – interpretation of policy terms – ...

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SCA rules for insurer after cancellation of life policy

When Johannesburg resident Susan Church decided to cancel her insurance policy from Discovery Life Ltd, she had no inkling of the events that were to befall her six weeks later. While on holiday at Sani Pass Lodge, she was overcome by carbon monoxide fumes from a faulty geyser in the ...

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Local News


High-risk cryptocurrency scheme to be liquidated

Legalbrief Today Issue 5193

The Eastern Cape High Court (East London) has ruled that the Rawlins Trust, which received about R300m from 991 individuals to invest in high-risk cryptocurrency – and reportedly lost up to R120m in the process – must be finally sequestrated. A Daily Dispatch report says Judge Bantubonke ...

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International News


Digital transformation of AML/CFT

The Financial Action Task Force (FATF) is exploring the opportunities that technology can offer to improve anti-money laundering (AML) and counter-terrorist financing (CFT) efforts.

Technology is transforming the way we work and live. In many fields, it offers considerable efficiencies and cost savings. The FATF is exploring the opportunities that ...

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Consolidated country assessment ratings

The Financial Action Task Force (FATF) has released an up-to-date overview of the ratings on both effectiveness and technical compliance for all countries assessed against the 2012 FATF Recommendations and using the 2013 Assessment Methodology.

The full listing is available here. [Reliable information indicates that South Africa will appear on the ...

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Compliance Focus


Working Smart


Trust-building principles

By Lee Rossini

At the heart of the client-adviser relationship is trust. For a client to take a financial adviser into their trust is a sensitive and delicate process. Building trust always requires the same basic elements: truth, sincerity, perceived value, and the client’s confidence in the adviser. Below are ...

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General


Strong push to regulate crypto markets

Legalbrief Forensic Issue 765

Global crypto trading values have soared over the past few years and are currently averaging in excess of $200bn a day. Understandably, SA authorities are keen to establish the identities of local investors. At the same time, notes Legalbrief, SARS is engaging with cryptocurrency exchanges to ...

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Data Protection


Oh Sh1t ... POPIA is ACTUALLY here

Ross G Saunders

It happened, POPIA finally got signed in, and we had a grace period. A few 'early adopters' had been working on their compliance for a few years already, mostly the banks and big enterprise, but also software companies and agencies that saw the value in compliance. When ...

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POPIA code of conduct for BASA members

Input is sought on a draft code of conduct for Banking Association SA (Basa) members when processing the personal information of data subjects. CompliNEWS contributor Pam Saxby note that, according to an accompanying Government Gazette notice, the document outlines ‘specific obligations’ under the 2013 Protection of Personal Information Act, the ...

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Namibia


Namibia regulatory review

The Financial Institutions and Markets (FIM) and the NAMFISA bills are with the Ministry of Justice for certification. The latest version of the bills and all draft Standards and Regulations have been uploaded onto the NAMFISA website.

  • In the last quarter NAMFISA issued one circular in relation to Pension Funds ...
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Private Equity


South Africa sells state airline to private-equity venture

South Africa has agreed to sell a majority stake in the country’s grounded national carrier to a local jet-leasing company and private-equity firm, ridding the government of an entity that has long been a drain on state finances. Bloomberg notes that a consortium made up of Johannesburg-based Global Airways, which owns recently launched ...

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Business rescue and distressed asset investing – SAVCA

South African Venture Capital Association (SAVCA)

According to Statistics South Africa, 216 businesses were liquidated in March 2021, 50% higher than the number recorded just a year ago. It is against this backdrop that the Southern African Venture Capital and Private Equity Association (SAVCA) recently hosted a panel of experts to ...

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Working Smart

By Lee Rossini

At the heart of the client-adviser relationship is trust. For a client to take a financial adviser into their trust is a sensitive and delicate process. Building trust always requires the same basic elements: truth, sincerity, perceived value, and the client’s confidence in the adviser. There are several principles that should assist in building trust between a financial adviser and client.

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