Legislative Changes and Developments
Policyholder protection rules 17 and 18 to take effect on 1 July 2019
This serves as a reminder that policyholder protection rule 17 (claims management) and rule 18 (complaints management), in so far as it relates to group schemes, will commence on 1 July 2019.
Compli-Serve notes that the notice for the new long-term and short-term policyholder protection rules (PPRs) was already published ...
Preliminary 2019 Taxation Laws Amendment Bill released
A draft preliminary Taxation Laws Amendment Bill and explanatory memorandum released this week for comment by 25 June focus on two ‘more urgent’ proposals requiring additional consultation. Once refined to reflect stakeholder input, they will be incorporated in the full text of a draft amendment Bill to be released in ...
SARB publishes systemically important bank methodology
The South African Reserve Bank’s (SARB’s) methodology for determining ‘which banks are systemically important within the South African context’ was published this week, notes CompliNEWS contributor Pam Saxby. While no accompanying media statement was issued, the methodology’s development was probably informed by stakeholder input on a discussion document released ...
News from the Regulators
FSCA: implementation of legal entity identifiers (LEIs) and new peer review
On Monday this week the Financial Sector Conduct Authority (FSCA) reported that the Financial Stability Board (FSB) has published a peer review (Thematic Review on Implementation of the Legal Entity Identifier), for implementation of the Legal Entity Identifier (LEI) around the world. The LEI, a global standard, is intended to enhance ...
FSCA files court papers in response to Public Protector report
The Financial Sector Conduct Authority (FSCA) on Friday filed papers in the North Gauteng High Court requesting the court to review and set aside the report by the Public Protector (PP), in which she made findings of impropriety and maladministration against the Financial Services Board (now FSCA) and its Executive ...
FSCA publishes Guidance Notice on the debarment process in terms of s 14 of FAIS
The Guidance Notice provides some general guidance in respect of the application of s 14 of the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act). It also highlights the salient factors that require consideration when FSPs effect debarments and clarify the function of the Authority upon receipt ...
FSCA warns the public against Feel Good Holdings (Pty) Ltd
FSCA warns the public against Sanele Forex Ngwenya Ngwenya
Report by the FSCA on the status of the NEPI Rockcastle plc investigation
Serial fraudster J Arthur Brown’s former attorney fined R200,000
Serial fraudster J Arthur Brown’s former attorney has escaped with a R200 000 fine after being convicted of tax fraud. Muhammed Rashad Khan (70) pleaded guilty to 468 charges of tax fraud. During sentencing, the court said Khan’s crimes were serious as they undermine SARS, but his personal circumstances should ...
Two new Enforcement Decisions released by FST
The Financial Sector Conduct Authority (FSCA) has released two new Financial Services Tribunal (FST) decisions.
M R Ntobeng v Liberty Group Limited
This is an application in terms of s 230 of the Financial Sector Regulation Act 9 of 2017 (FSRA). The applicant is Marcia Refiloe Ntobeng (Applicant). The ...
FAIS Ombud determination summary involving De Beer and Coetzer t/a Downstream Trading
By Shamaa Sheik The following matter was heard in the Office of the Ombud for Financial Services Providers on 26 March 2019:
- Tasha Christelle de Beer (Complainant) and Sophia Elizabeth Coetzer t/a Downstream Trading (Respondent) – case number: FAIS 05821/13-14/GP 1
Fast facts Advice – duty of ...
Probe of alleged race discrimination by medical schemes
The Council on Medical Schemes (CMS) has announced that Advocate Tembeka Ngcukaitobi will head an investigation into alleged discrimination against black and Indian medical professionals in the private health sector. A Polity report says the investigation was launched following allegations by members of the National Health Care Professionals ...
Financial services under constant cyber attack
The financial services industry in South Africa is under attack by cyber criminals because it has information that is of great use to hackers. So notes a Fin 24 report published on Tuesday.
Speaking at the Sanlam Benchmark 2019 event hosted on the Spier Estate near Stellenbosch on Monday,Tebogo Legodi, digital ...
Tribunal wants banks' rand-rigging charges reworked
The Competition Tribunal has ordered anti-trust investigators to rewrite charges of currency manipulation against banks, drawing out a legal battle four years in the making, says a Business Day report. While rejecting bids from lenders to have the case dismissed, the tribunal found deficiencies in referrals prepared by ...
UK regulator publishes final rules on buy-now-pay-later products
The UK's Financial Conduct Authority (FCA) on Wednesday confirmed it will introduce new rules in the buy-now-pay-later (BNPL) market, saving consumers around £40-60 million a year. The changes, which include banning firms from charging backdated interest on money that has been repaid by the consumer during the BNPL offer period ...
Aussie regulator uses conflicted remuneration powers against advisory firm
The Australian Securities & Investment Commission (ASIC) has commenced civil penalty proceedings in the Federal Court against R M Capital Pty Ltd (RM Capital) and its authorised representative, The SMSF Club Pty Ltd (SMSF Club), in relation to accepting conflicted remuneration.
ASIC alleges that SMSF Club advised its clients to ...
France's AMF fines Hedios Patrimoine €50,000 for breaching professional obligations as an advisor
Autorité des Marchés Financiers (France)
Between 1 January 2016 and 15 March 2017, Hedios Patrimoine marketed Euro Medium Term Notes, as well as several collective investment undertakings, via internet.
In response to a plea of lack of jurisdiction raised by Hedios Patrimoine, which argued that it was not operating as ...
US' SEC Updates List of Firms Using Inaccurate Information to Solicit Investors
A true connection: Compli-Serve SA teams up with Altron Bytes Systems Integration (Altron BSI) to enhance digital safety controls using Truity
In response to requirements set by the FIC Amendment Act, whereby anti-money laundering (AML) and verifying the source of funds are non-negotiable, Compli-Serve SA has teamed up with a technology specialist Altron BSI to ease compliance risks for its clients.
Now in effect, the Act requires all accountable ...
Conducting a successful interview
By Lee Rossini
Most candidates arrive at an interview aiming to dazzle and leave a lasting impression. However, interviewing candidates for a position can be a mentally tiring process for the interviewer. More importantly, how do you make the right decision based on an hour interaction with a person who ...