Legislative Changes and Developments
JSE overhauls debt listing requirements
Substantive proposals for amending Johannesburg Stock Exchange (JSE) debt listing requirements have been released for comment in the form of objections by 9 April. CompliNEWS contributor Pam Saxby reports that, among other things, they spell out the general principles to be observed ‘in all corporate actions and … all submissions ...
COVID-19 disaster management regulations amended
The 18 March 2020 Covid-19 disaster management regulations (as amended on 25 March 2020) were revised yet again on the eve of the lockdown, CompliNEWS contributor Pam Saxby reports. Among other things, the changes add a caveat to the exemption from the lockdown of ‘any business or entity involved ...
COVID-19 SMME tax relief measures in place, draft Bills out for comment
A draft Disaster Management Tax Relief Bill and draft Disaster Management Tax Relief Administration Bill have been released for comment, CompliNEWS contributor Pam Saxby reports. Giving legal effect to measures announced on 29 March 2020 by Finance Minister Tito Mboweni, the measures proposed in both Bills became operational on 1 ...
Commentary on Legislative Changes and Development
FIC releases guidance on the commencement and enforcement of the Financial Intelligence Centre Act
The Financial Intelligence Centre (FIC) has issued Public Compliance Communication 46 (PCC 46) on the commencement and enforcement of the Financial Intelligence Centre Act 38 of 2001 (FIC Act), as amended by the Financial Intelligence Centre Amendment Act 1 of 2017 (FIC Amendment Act).
PCC 46 confirms the fact that ...
FIC issues guidance pertaining to life insurance providers
The Financial Intelligence Centre (FIC) has issued Public Compliance Communication 48 (PCC 48), which provides guidance on FIC Act compliance obligations to accountable institutions that offer life insurance products. Accountable institutions must consider the money laundering and terrorist financing risks relating to the nominated beneficiaries of their clients, when assessing ...
News from the Regulators
FSCA outlines Licensing and Business Centre operations during 21-day national lockdown
The Financial Sector Conduct Authority (FSCA) has released an outline of its licensing and business centre operations during the national lockdown. The services of the FSCA’s Licensing and Business Centre will continue to operate as outlined in the table as per the press release.
Full FSCA press release
FSCA issues guidance note to retirement funds industry to respond to COVID-19 risk
As part of the efforts by the Financial Sector Conduct Authority (FSCA), to reduce the impact of the COVID-19 pandemic on financial customers, regulated entities and the South African economy, they have released a communication to industry to provide guidance for distressed employers and funds.
This note addresses how ...
FSCA statement on insurers performing medical underwriting during lockdown period
It has come to the attention of the Financial Sector Conduct Authority (FSCA) that some insurers may have declared travelling nurses as essential services in the lockdown period, to collect blood samples for new business underwriting purposes. This not only exposes these nurses and customers unnecessarily but detracts from the ability ...
FSCA fines Connie van Nieuwkerk two administrative penalties
The Financial Sector Conduct Authority (FSCA) has ordered administrative penalties against Ms Connie van Nieuwkerk for breaches of s 76 of the Securities Services Act 36 of 2004 (SSA), during her time as director and Chief Financial Officer of both African Dawn Limited (African Dawn) and Alliance Mining Corporation Limited (Alliance ...
ConCourt case summary involving Masemola v Special Pensions Appeal Board and another
By Shamaa Sheik
The following matter was handed down in the Constitutional Court of South Africa on 15 October 2019:
- Nathaniel Mashilo Masemola (Applicant) v Special Pensions Appeal Board and another (1st Respondent); Government Pensions Administration Agency (2nd Respondent) – case number: CCT 260/18
Special Pensions Act ...
Temporary retail loan restructuring imminent
Stakeholders have until the end of the week to comment on a draft directive issued on Monday by the South African Reserve Bank on factors to be considered when restructuring a retail loan following a client’s exposure to risk directly associated with the COVID-19 pandemic. CompliNEWS contributor Pam Saxby reports that ...
Temporary capital relief proposed for banks
The South African Reserve Bank (SARB) has announced its intention to provide temporary capital relief to banks with the aim of alleviating risks associated with the COVID-19 pandemic. CompliNEWS contributor Pam Saxby reports that, to that end, comment was sought by 3 April 2020 on a draft directive proposing that the ...
Banking LCR directive confirmed
A Prudential Authority directive temporarily revising the minimum liquidity coverage ratio (LCR) requirement to 80% was released on Wednesday afternoon, giving legal effect to a measure already in place. CompliNEWS contributor Pam Saxby notes that this is expected to ‘aid compliance with the LCR during the … Covid-19 pandemic stress ...
Call Centre boss appears for COVID-19 contraventions
Discriminatory regulations invalid
Federal Court in Australia confirms Storm Financial directors breached duties
In Australia the Full Federal Court has confirmed that the directors of Storm Financial, Emmanuel and Julie Cassimatis, breached their duties as directors. This according to a press release issued by the Australian Securities & Investments Commission (ASIC).
Since around 1994, Storm Financial operated a system created by the Cassimatises ...
Conditions required to trigger force majeure
Legalbrief Today Issue 4909
‘We have already seen the economic and business impact of Covid-19 in China, Italy and Japan and it is almost inevitable that this will spread to the rest of the world. It is thus important for companies to take proactive steps to ensure that they can ...
POPIA has not commenced
There are certain media reports that the Protection of Personal Information Act (POPI Act or POPIA) commenced on 1 April 2020. This is incorrect. POPIA has not commenced as the President has not proclaimed the date in the Government Gazette.
The Information Regulator had asked the President to proclaim ...
Clearing up confusion for business
Legalbrief Forensic Issue 703
Certain regulations put in place by the government have caused confusion. It is important that businesses are clear on what will and won’t be allowed during this three-week period. Some of these questions are examined in a Moneyweb analysis, including:
Can a business continue to operate ...
Mastering working from home
By Lee Rossini
Working from home, or WFH for short, sounds good on paper but how does it feel in reality – especially, after a few weeks of isolation? For many managers and employees, it is a new and different way of working, one which was thrust upon them without ...