Legislative Changes and Developments
2020 tax Acts gazetted
As usual at this time of year, the latest amendments to tax legislation have been gazetted. They are the 2020 Taxation Laws Amendment Act, Tax Administration Laws Amendment Act and Rates & Monetary Amounts & Amendment of Revenue Laws Act. CompliNEWS contributor Pam Saxby reports that, together, the three new ...
News from the Regulators
FSCA warns the public against Hlengiwe Ngcobo and Christian Barnley Hamilton
The Financial Sector Conduct Authority (FSCA) would like to warn the public when dealing with Hlengiwe Ngcobo and Christian Barnley Hamilton. Hlengiwe Ngcobo and Christian Barnley Hamilton are not authorised in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act) to render any financial advice and ...
FSCA warns the public against Keenan Ebden Financial Services and Keenan Ebden
The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services business with Keenan Ebden Financial Services and Keenan Ebden (Mr Ebden). Neither of which are authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act 37 ...
FSCA FAIS Notice 1 of 2021 – Exemption of individual persons from competence and fee requirements
The Financial Sector Conduct Authority, under section 44(4) of the Financial Advisory and Intermediary Services Act 37 of 2002, read with section 281(3)(b) of the Financial Sector Regulation Act 9 of 2017, has exempted particular persons from certain provisions of the Act.
Read the full Notice here.
FSCA warns the public against Tradetheatre Capital Markets
The FSCA completes investigation into Mirror Trading International (Pty) Ltd
FSCA warns the public against TradeZA
UK business fined £23.8m for money laundering
Legalbrief today Issue 5090
The imposition of a record £23.8m fine on a money service business highlights the growing scrutiny being placed on compliance with UK anti-money laundering rules, an expert has said. According to an Out-Law.com report, Andrew Sackey of Pinsent Masons said the fine issued to ...
Interesting case from the UK – client fined for unsubstantiated claims against law firm
A disgruntled client who posted unsubstantiated defamatory claims about a law firm on a review website has been ordered to pay £25 000 in damages. A Law Gazette report notes that, giving summary judgment in Summerfield Browne Ltd v Waymouth, Master David Cook said that a ‘substantial’ number of clients ...
FST case summary involving Malvern Trading CC and another and Financial Sector Conduct Authority; Application for reconsideration – administrative penalty – debarment
By Shamaa Sheik
The following matter was handed down in the Financial Services Tribunal on 31 December 2020:
- Malvern Trading CC (1st Applicant) and Khuphukile Dube (2nd Applicant); and Financial Sector Conduct Authority (Respondent) – (case number: A11/2020)
*For the purposes of this summary the 1st and 2nd Applicant ...
Information Regulator to check compliance of WhatsApp Ts&Cs with SA's privacy laws
WhatsApp’s revised private policy sparked a global outcry after the popular Facebook-owned messaging app alerted its 2 billion users to accept the new terms if ...
Liquidators want more powers in MTI Bitcoin inquiry
Provisional liquidators appointed to seize control of failed SA Bitcoin trader Mirror Trading International (MTI) are looking to widen the scope of their inquiry. They are wanting to extend their powers to include the right to call witnesses to an insolvency inquiry, appoint investigators and solicit information from banks, said ...
SARS blasted for cyber-security failings
Legalbrief Today Issue 5090
SARS has been warned that its use of outdated, insecure technology on its e-filing system is a security risk, says a report in The Mercury. Osidon and Cybadev boss Hennie Ferreira said SARS had announced on social media recently that it was experiencing problems with Adobe Flash ...
Insurers get 'tsunami' of legal certainty – Fedhasa
Class action lined up against errant medical schemes
Supreme Court judgment in FCA’s business interruption insurance test case in the UK
The UK Supreme Court on Friday last week delivered its judgment in the Financial Conduct Authority (FCA) business interruption insurance test case.
The Supreme Court has substantially allowed the FCA’s appeal on behalf of policyholders. This completes the legal process for impacted policies and means that many thousands of policyholders ...
UK's FCA clamps down on consumer investment harm
A report issued on Tuesday by the UK's Financial Conduct Authority (FCA) highlights the many ways in which it works to protect consumers from investment harm by stopping and disrupting potentially harmful firms and activities. The report focuses on action taken by the FCA during the first ten months of 2020, when many consumers ...
Fintech, Regtech and the role of compliance
Embracing technology to help manage risk, reduce administrative burdens, and improve efficiencies is a strategy that’s been developing in the compliance space for a while, but the coronavirus pandemic has fast-tracked the urgency behind it. A pair of recent reports, cited by Compliance Week, explores this trend in more detail ...
KYC compliance catches up with crypto
James George, Compliance Manager, Compli-Serve SA
Know-Your-Customer (KYC) procedures are still a work-in-progress in the cryptocurrency industry. But businesses in this space, though still largely unregulated, need to comply with Anti-Money Laundering (AML) legislation or risk facing punitive measures.
KYC in crypto: playing opposites
Probably the biggest difference between crypto ...
Compli-Serve reminds firms to regularly review regulatory permissions
This note serves as a reminder to firms of their obligation to regularly review regulatory permissions to ensure they are up to date and removed where they are not needed. The FSCA expects firms to notify it of material changes and apply to make any necessary changes in a timely ...
PAIA Manual exemption extended again until 30 June 2021
The Minister of Justice and Correctional Services has once again exempted most organisations from having to compile a PAIA manual. According to a news report by Michalsons, the Minister has decided to exempt certain private bodies 'from compiling the Manual contemplated in section 51(1) of PAIA…'. However, the deadline ...