Legislative Changes and Developments
Carbon tax allowance regulations take shape
Regulations giving practical effect to s 13 (offset allowance) of the 2019 Carbon Tax Act, were gazetted last Friday and are deemed to have become applicable on 1 June 2019, when the Act came into force. CompliNEWS contributor Pam Saxby reports that they were followed on Tuesday by the release ...
Treasury on draft amendments to the Financial Sector Regulation Act Regulations
The Minister of Finance has published draft amendments to Financial Sector Regulations (the Regulations) for public comment. The Regulations were made in terms of ss 61(4), 288 and 304 of the Financial Sector Regulation Act 9 of 2017 (FSR Act), published in Government Notice R405 of 29 ...
Central counterparty licence standard out for comment
Comment is sought by 21 February 2020 on a draft joint standard for central counterparty licence applications, CompliNEWS contributor Pam Saxby reports. Released on Thursday, once finalised it will be applied by both the Financial Sector Conduct Authority and the Prudential Authority. According to the accompanying statement of need, any ...
News from the Regulators
FSCA warns the public against Prestige Burial Services (Mabopane) CC
The Financial Sector Conduct Authority (FSCA) has warned the public to act with caution when dealing with Prestige Burial Services (Mabopane) CC. The FSCA received information that Prestige Burial Services (Mabopane) CC sells funeral covers to the public without a long-term insurer underwriting the said policies.
Prestige Burial Services (Mabopane ...
FAIS Workshops 2020 – registration commenced 3 December 2019
The Financial Sector Conduct Authority (FSCA) will host a series of workshops in early 2020 to help industry understand how to comply with the requirements of the FAIS (Financial Advisory and Intermediary Services) Act. The free event will be held at the following venues:
- Cape Town on 6 February 2020 ...
FSCA exempts Discovery Life Investment Services from financial soundness requirement until 2021
The Financial Sector Conduct Authority (FSCA) has exempted Discovery Life Investment Services (Pty) Ltd, FSP 30277, subject to certain specified conditions,up until 30 June 2021, from paragraph 48(1) of the Fit and Proper Requirements.
Section 48(1) states that 'the assets of a person referred to in section 46(1)(a ...
FSCA website down for maintenance
FST case summary involving Weir and FNB Pension Fund
By Shamaa Sheik
The following matter was heard in the Financial Services Tribunal on 16 November 2019:
- Angus Robert Weir (Applicant) and FNB Pension Fund (1st Respondent); Momentum Retirement Administrators (2nd Respondent); and Wesbank Division of First National Bank Ltd (3rd Respondent) and Pension Fund Adjudicator (4th Respondent) – case ...
FAIS Ombud releases its Annual Report for the financial year 2018/2019
Office of the FAIS Ombud
On Friday 6 December 2019, the Office of the FAIS Ombud (OFO) launched its Annual Report for the year 2018/2019 at the Southern Sun Hotel in Arcadia, Pretoria.
The Annual Report provides a review of the performance of the OFO during the financial year ...
Judgment makes it unlawful for banks to bring National Credit Act matters before the high court instead of magistrates' courts
A recent judgment by a full bench of the Grahamstown High Court makes it unlawful for banks to bring National Credit Act matters before the high court instead of the much cost effective magistrates’ courts.
According to a Moneyweb report the judgment means lenders no longer have the luxury of suing in ...
'Hurting' Old Mutual ready to settle with Moyo
Legalbrief Today Issue 4840
Old Mutual, whose shareholders have lost about R17bn in value since the company first suspended former CEO Peter Moyo, said it may take years before it recovers from the reputational damage caused by the saga. It also said that it was open to a settlement. The ...
Why the pension fund industry is largely silent
The Insurance Crime Bureau Annual Report
Law firm director struck off for misleading clients
A former law firm director in the UK misled clients for six weeks about the progress of their case because he was too ‘embarrassed’ to admit he was struggling, a tribunal has heard. According to a Law Gazette report, Rodney Etherington, a solicitor for 12 years, admitted acting dishonestly when ...
Apple pays $467K to OFAC for sanctions violations
Michael Volkov (on the Corruption, Crime and Compliance blog)
Even the mighty can fall – Apple agreed to pay OFAC $467k for violations of the Foreign Narcotics Kingpin Sanctions regulations.
In 2008, Apple entered into an applications development agreement with SIS, a Slovenian company. SIS and its director and ...
Australian regulator bans unfair cold call sales of direct life insurance and credit life insurance
From January firms will no longer be able to call consumers out of the blue and use sophisticated sales tactics to pressure people into buying life insurance and CCI products
The Australian Securities & Investments Commission (ASIC) announced on Wednesday the implementation of a ban on unsolicited ‘cold call’ telephone ...
London one of the world's lawtech hubs – research
Acting during an emergency or crisis
By Lee Rossini
An emergency or crisis can appear in any number of different guises and unfortunately, we may not be prepared to deal with every incident. Deena Katz, a well-respected authority in the USA financial services space, has described the guidelines that should be followed in an emergency or ...