Note to Subscribers
Presents a virtual webinar on
Oh sh*t, POPIA really is coming! Now what?
Compli-Serve, in conjunction with Novation Consulting and UCT [email protected] presents…
Time: 11 May 2021 from 10.00-12.30 (SA time)
Protection of Personal Information Act (PoPIA) with speaker Elizabeth de Stadler
A couple ...
Legislative Changes and Developments
Central counterparty licensing standard issued
The Financial Sector Conduct and Prudential Authorities have issued a joint standard on central counterparty licensing requirements. CompliNEWS contributor Pam Saxby reports that, among other things, it prescribes the administrative and other information to accompany each licence application (including a copy of the relevant founding documents); and matters to be ...
New public finance accounting regulations mooted
National Treasury has called for comments by 1 May 2021 on its intention make regulations of certain International Accounting Standards Board generally recognised practices in the context of public finance management, CompliNEWS contributor Pam Saxby reports. To that end, the Government Notice announcing this comprises Generally Recognised Accounting Practice (GRAP ...
Data and cloud services policy out for comment
A draft national policy national policy on data and cloud services has been gazetted for comment by 1 May, reports CompliNEWS contributor Pam Saxby. Underpinned by government’s commitment to ‘open’ data systems and ‘source frameworks’ (as opposed to those that are ‘closed and exclusive’), it seeks to encourage increased investment ...
SARB funding in resolution paper out for comment
Commentary on Legislative Changes and Development
FIC Guidance on measures required for the mitigation of loss of intelligence data due to reporting failures
The Financial Intelligence Centre (the Centre) has issued Public Compliance Communication 50 (PCC 50), which provides guidance and clarity on the measures a reporter must take to mitigate the loss of intelligence data when remediating reporting failures and preventing reporting failures.
PCC 50 was made available for consultation comment by ...
News from the Regulators
The FSCA warns the public against Just Bridge (Pty) Ltd
The Financial Sector Conduct Authority (FSCA) would like to warn the public to act with caution when dealing with Just Bridge (Pty) Ltd. Just Bridge (Pty) Ltd is not authorised in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act), to render any financial advice and ...
Latest FAIS Notices
The following are the latest FAIS Notices issued by the Financial Sector Conduct Authority (FSCA):
FSCA FAIS Notice 34 of 2021
Extension of Period to comply with Continuous Professional Development Requirements and Exemption from Fee Requirements in respect of Brian Mataka Pitswane, 2021
FSCA FAIS Notice 33 of 2021
South African Reserve Bank imposes administrative sanctions on Deutsche Bank AG – Johannesburg Branch for FICA deficiencies
The South African Reserve Bank (SARB) has imposed administrative sanctions on Deutsche Bank AG – Johannesburg Branch (Deutsche Bank) and directed the bank to take remedial actions. The SARB found weaknesses in the bank’s money laundering control measures following an inspection conducted in 2019 in terms of the Financial Intelligence ...
South African Reserve Bank fines Discovery Life Limited for deficiencies in the life insurer’s money laundering control measures
The South African Reserve Bank (SARB) has imposed administrative sanctions on Discovery Life Limited (Discovery Life) and directed the life insurer to take remedial actions. The SARB found weaknesses in the life insurer’s money laundering control measures following an inspection conducted in April 2019 in terms of the Financial Intelligence ...
FST case summary involving Rodio Staff Pension Fund and another and The Pension Funds Adjudicator and another
By Shamaa Sheik
The following matter was handed down in the Financial Services Tribunal on 15 March 2021:
- Rodio Staff Pension Fund (1st Applicant); Rosond (Pty) Ltd (2nd Applicant) The Pension Funds Adjudicator (1st Respondent) and LSRC Employee Consultants and Benefits Administrators (Pty) Ltd (2nd Respondent) – (case number: PFA87 ...
KeyHealth Medical Scheme curatorship confirmed
The journey of restoring governance at KeyHealth Medical Scheme continues. So notes the Council for Medical Schemes (CMS) in releasing Press Release 4 of 2021. This follows the curatorship confirmation by the High Court of South Africa on 25 March 2021, in a judgment by Honourable Judge Kollapen.
The Scheme had ...
TransUnion’s Industry Insights Report
TransUnion released the findings of its fourth-quarter 2020 South Africa Industry Insights Report that looks at the unemployment period as a result of the Covid-19 pandemic, as well as at what the consumer credit market looks like right now.
TransUnion reports that enquiries, a measure of consumer demand, and originations ...
VBS depositors have three months to collect R100 000
Legalbrief Today Issue 5143
VBS Mutual Bank has completed the transfer of guaranteed retail deposits to Nedbank, giving depositors little more than three months to collect money guaranteed to them based on an agreement between relevant authorities, says a BusinessLIVE report. The liquidator of VBS, Anoosh Rooplal, has advised qualifying ...
Pension fund case – O'Sullivan told to stop intimidating witnesses
SARS 'turning the corner' under Kieswetter, says attorney
SARS notes R400bn in SA assets offshore
KeyHealth offered incentives for signing younger members
The importance of purposeful anti-money laundering controls
Speaker: Mark Steward, Executive Director of Enforcement and Market Oversight, Financial Conduct Authority (FCA)
Event: AML & ABC Forum 2021
Delivered: 24 March 2021
Note: This is the speech as drafted and may differ from the delivered version
- Two of our biggest sanctions in the last 12 months ...
Australia's ASIC bans the sale of binary options to retail clients
The Australian Securities and Investments Commission (ASIC) in Australia has made a product intervention order banning the issue and distribution of binary options to retail clients.
The ban will take effect from Monday 3 May 2021 after ASIC found that binary options have resulted in and are likely to result ...
The rise and fall of Wirecard, a German tech champion
Payments firm Wirecard collapsed last year in Germany’s biggest post-war fraud scandal. A parliamentary inquiry is in progress, with German Chancellor Angela Merkel and Finance Minister Olaf Scholz due to testify in April 2021.
The German government examined the possibility of bailing out Wirecard just three days before it collapsed ...
Thinking strategically about a remote work policy
By Lee Rossini
In a recent PwC survey, nearly a third of the executives interviewed described their approach to post-pandemic work as 'going with the flow'. The authors of an article, 'What Is Your Organisation’s Long-Term Remote Work Strategy?', recently published in the Harvard Business Review, urge business owners to ...
POPIA – Information Regulator publishes the Guidance Note for Registration of Information Officers
The Information Regulator (IR) of South Africa has published the Guidance Note for the registration of Information Officers (IOs) and Deputy Information Officers (DIOs), in order to ensure proper understanding of the legislative requirements. The Protection of Personal Information Act 4 of 2013 (POPIA), prescribes compulsory requirements for the registration ...
POPIA – Provisions in force from 1 July 2021
In terms of sections 57 and 58 of the 2013 Protection of Personal Information Act, responsible parties will soon be required to notify the Information Regulator if processing is subject to prior authorisation. CompliNEWS contributor Pam Saxby reports that they will also be obliged to desist from proceeding with processing ...
Namfisa neutral in Hollard, Gondwana case
THE Namibia Financial Institutions Supervisory Authority (Namfisa) appears to be undecided over Gondwana Collection Namibia's multimillion-dollar insurance claim against Hollard Insurance Namibia.
The two companies are at each other's throats over a business-interruption insurance claim to the tune of N$638 million.
A business-interruption insurance seeks to protect ...
The best ways to invest in private equity
Private equity is now firmly part of the investment mainstream, thanks to a record of strong returns. According to a report by MoneyWeek, over the last ten years, European buyout funds have achieved an annual return (as measured by internal rate of return, or IRR) of 15%, according to the ...
Why private equity is into logistics, and here to stay
Private equity firms have made a series of notable investments to boost their exposure to the global logistics sector over the past year.
Loadstar notes that this has entailed deploying capital not only into physical real estate – such as Blackstone’s acquisition of a £473m portfolio of UK warehouses in October ...
How to partner with a private equity firm
The business world doesn’t seem so simple and easy to run. Buying a business is considered a rough process. An owner or investor takes into account every detail: from a brand identifying through a growth concept to business expansion. New ideas and innovative approaches are demanded to advance a new ...
Can changes to Regulation 28 be a panacea for our ailing economy?