The Financial Sector Conduct Authority (FSCA) has released several papers relating to Retail Distribution Review (RDR). The FSCA’s predecessor, the Financial Services Board, published its RDR discussion document (initial RDR document) in November 2014, proposing a number of wide-ranging reforms to the regulatory framework for financial advice and the distribution ...
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The Financial Intelligence Centre (FIC) released two draft compliance communications last month for comment by 20 January 2020, CompliNEWS contributor Pam Saxby reports. According to an accompanying media statement, the draft communication on accessing information submitted to the FIC explains the process to be followed by any other supervisory body ...
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Sections 1 to 7 of the Labour Laws Amendment Act 10 of 2018, came into effect on 1 January 2020 by presidential proclamation – affecting sections 1 (definitions), 25 (maternity leave), 27 (family responsibility), 49 (variation by agreement) and 83 (persons deemed employees) of the Basic Conditions of Employment Act ...
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On 11 November 2019 the FSCA issued a warning regarding Karatbars International GmbH not being registered as an authorised Financial Services Provider. The company (based in Germany) has subsequently made representations to the FSCA indicating that it markets two products in South Africa, one being the sale of gold bullion ...
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The FSCA received information that Exclusive Life Financial Services (Pty) Ltd (Exclusive Life) is materially contravening its licensing conditions in that it is purported to be promoting a product that is not lawfully authorized. Furthermore there are allegations that some investors who have invested money in the scheme have not ...
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The Financial Sector Conduct Authority (FSCA) released the following new Notices on 19 December 2019:
The Reserve Bank has imposed administrative sanctions on five banks and directed them to take remedial actions. The five are Standard Bank SA, GroBank (formerly SA Bank of Athens), Ubank, Bank of China (Johannesburg branch) and HBZ Bank, says a Fin24 report. The SARB said it found weaknesses in each ...
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Legalbrief Today Issue 4854
Shoprite has been fined R1m by the National Consumer Tribunal for breaching the National Credit Act after it was found to have lent recklessly to vulnerable consumers. The judgment was handed down in the Gauteng High Court (Pretoria) in December and publicised on 14 January 2020 by the ...
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By Shamaa Sheik
The following matter was heard in the Financial Services Tribunal on 9 December 2019:
*for the purposes of this summary references to 'the respondent' refers to the ...
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Input is sought by 31 March 2020 on a discussion paper proposing ‘a previously mooted variation of the two-tier model’ for categorising financial advisers, reports CompliNEWS contributor Pam Saxby. Released in December 2019, but only recently posted on the Financial Sector Conduct Authority (FSCA) website, the document updates stakeholders and ...
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Legalbrief Today Issue 4847
AYO Technology Solutions and its parent company African Equity Empowerment Investments (AEEI), both controlled by Independent Media boss Iqbal Survé, have been censured by the JSE for not publishing audited financial statements within four months of their financial year-end. A Business Day report points out listed ...
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Scammers are separating helpful South Africans from their money in what appears to be a wave of fraud that relies on hijacking WhatsApp accounts – and then simply asking for money. Business Insider reports that they first take control of a victim's phone number, usually by porting the number ...
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Legalbrief Today Issue 4849
A partner at Big Four accountancy firm Deloitte who was sacked for alleged bullying and large expenses claims has been ordered to pay £125 000 in legal costs for a one-day trial, after his challenge to the dismissal failed. According to a Law Gazette report, David ...
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Legalbrief Today Issue 4850
Major changes to UK anti-money laundering and counter terrorist financing regulations will begin to take effect from 10 January. An Out-Law.com report notes that the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (the MLR 2019), which were laid before Parliament shortly before Christmas, implement ...
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The Financial Conduct Authority (FCA) in the UK is now the anti-money laundering and counter terrorist financing (AML/CTF) supervisor for businesses carrying out certain cryptoasset activities under the amended Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs).
Any UK business conducting specific cryptoasset activities falls within ...
By Lee Rossini
Once you have made the decision to sell a business, it is to your advantage to ensure that it is a planned rather than a forced sale. Timing is critical to getting the best deal possible; this means managing the business in a manner that it is ...
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By Lee Rossini
Once you have made the decision to sell a business, it is to your advantage to ensure that it is a planned rather than a forced sale. Timing is critical to getting the best deal possible; this means managing the business in a manner that it is ready to be sold at any time. From your point of view, the objective of selling the business is to maximize your returns whilst the objective of the purchaser is to acquire an asset that has a predictable cash flow and potential for growth in order to maximize the return on their investment.
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