Commentary on Legislative Changes and Development
Comment period on proposed rules for auditors extended
The Independent Regulatory Board for Auditors (Irba) has granted interested parties an extra 10 days to comment on the draft proposed disciplinary rules for auditors, notes Wyndham Hartley for CompliNEWS.
Originally published in the Government Gazette for a public comment process over a period of 60 days with a closing date of ...
News from the Regulators
FSCA warns the public against Secure FX Trading
The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant when receiving correspondence from Secure FX Trading (Secure FX) soliciting investments. Secure FX solicits investment in Bitcoin and in turn promises high returns to clients.
According to information received by the FSCA, when clients want to ...
FSCA Request for Information on Personal Lines claims reported in 2021
The Financial Sector Conduct Authority (FSCA) has put out a request to all licensed non-life insurers that are members of The Ombudsman for Short-term Insurance (OSTI) to furnish information to it on the number of personal lines claims reported in the 2021 calendar year, as set out in Annexure A.
In its ...
FSCA recently published Digital Banking Research Report
The Financial Sector Conduct Authority (FSCA)
The FSCA recently published a Digital Banking Research Report and its findings from a survey to assess and better understand the state of digital banking activities in South Africa. What is digital banking, you ask? It’s the digitisation of traditional banking services in order ...
FSCA issues public warning against Afrifunerals Pty Ltd and Kennygan Kgomotso Llewellyn
First FAIS Notices for 2022 published
37 cases lined up to be heard by the Financial Services Tribunal
FSCA's Financial Inclusion Strategy
Van Zyl v Van Zyl (Application for removal of director – Breach of fiduciary duties)
Companies Tribunal: Van Zyl v Van Zyl in re Van Zyl Sillimanite (Pty) Ltd
Judgment date: 12 January 2022
Keywords: Application for removal of director – Breach of fiduciary duties – Application for a default order – Adequate service of application – Service by email – Companies Act ...
Western Cape High Court: Benatar v Black Academic Caucus (PAIA request)
Western Cape High Court: Benatar v Black Academic Caucus
Judgment date: 15 December 2021
Keywords: Right of access to information – PAIA Request – Onus of establishing entitlement to requested information – Application constituting vexatious litigation – Promotion of Access to Information Act 2 of 2000, ss 50(1 ...
Summary of FST determination involving Gauteng Coaches (Pty) Ltd t/a Gauteng Coaches Stabus Tours (Pty) Ltd and MMA Ramike, the Pension Fund Adjudicator and Others
Financial Services Tribunal (FST)
The following matter was handed down by the Financial Services Tribunal (FST) on 10 December 2021:
- Gauteng Coaches (Pty) Ltd t/a Gauteng Coaches Stabus Tours (Pty) Ltd (Applicant) and MMA Ramike (First Respondent) and the Pension Fund Adjudicator (Second Respondent) and Others – (case number ...
Whistle-blowers move to change Act
Legalbrief Today Issue 5326
At least 22 people who lifted the lid on corruption at their workplace have come together under the banner Whistle-blowers for Change to call for a fundamental reform of the Protected Disclosures Act. The Mail & Guardian previously reported that one of the criticisms of the Act ...
Westpac NZ issues warning over sophisticated scam
Westpac Bank in New Zealand is warning about a sophisticated new scam involving professional-looking fake documentation. According to RNZ the bank said considerable effort had been put into making an authentic-seeming investment prospectus booklet.
Westpac NZ chief risk officer Carolyn Kidd said internet searches for information about investments and term deposits ...
Statewide Superannuation in Australia to pay $4 million penalty for misleading insurance correspondence to members
The Australian Federal Court has imposed combined penalties of $4 million on Statewide Superannuation Pty Ltd (Statewide) for providing members with misleading information regarding their insurance and failing to breach report the issue to ASIC in the time required by law.
ASIC Deputy Chair Sarah Court said, ‘Statewide provided misleading ...
EU regulator calls for blockchain input
The European Securities and Markets Authority, the EU’s securities markets regulator, has issued a call for evidence on distributed ledger technology (DLT). An Out-Law.com report says the authority is also seeking input on the need for amending the regulatory technical standards (RTS) on regulatory reporting and transparency requirements. A ...
The financial customer complaints journey
Financial Sector Conduct Authority (FSCA)
Acts, such as the Financial Sector Regulation Act 9 of 2017 (FSR), exist for a variety of reasons, primarily to support and safeguard both consumers and financial institutions and to maintain the efficiency and integrity of the financial system. As a customer of any financial ...
FinTech, RegTech & the role of compliance in 2022: challenges arising from technological opportunities
In the latest report on FinTech, RegTech & the role of compliance, Thomson Reuters explore how digital transformation and new technology solutions can challenge financial services firms’ corporate governance and risk management operations.
Digital transformation has been a fundamental enabler for financial services firms. It is hard to underestimate ...
Regulatory Examination (RE) schedule for 2022 released
The Regulatory Examination (RE) schedule for 2022 has been released by the Moonstone Regulatory Examination Body.
Preparation Guides, including information on the exam registration and schedule.
Four ways to bolster cyber risk management and compliance
Why employers and employees should read
By Lee Rossini
As the saying goes, knowledge is power! Well, research shows that reading a book, even for fifteen to thirty minutes a day, has a range of benefits in addition to gaining knowledge. These benefits are likely to positively enhance the experiences of both employers and employees in ...
Crypto regulation and central bank digital currencies in 2022
There are two trends you can count on for 2022 according to a report by Moneyweb – crypto regulation and the arrival of central bank digital currencies (CBDCs).
One also expects to see more formal links between crypto players and financial services companies, according to crypto exchange Luno.
'Globally, we have ...
PoPIA still relevant for matric results release
Legalbrief eLaw, Issue 1912
The right – and access – to information trumped the Education Department's concerns about non-compliance with the Protection of Personal Information Act (POPIA) when the Gauteng High Court (Pretoria) yesterday ordered the 2021 matric results be published on all media platforms. But the court and the ...
FNB moves to protect its Namibian assets
FNB Namibia said it was unaware that suspects in the Fishrot graft case may have acquired properties through illegal schemes and it vowed to protect its rights. ‘The law protects those who are vigilant and not those who sleep on their rights,’ FNB said in court papers filed in ...
Namfisa – Don't give bank cards, IDs to microlenders
Namibia Financial Institution Supervisory Institutions (NAMFISA) last week cautioned the public on microlenders retaining possession of bankcards and PIN codes as well as original identification documents (passports, driver's licences or IDs) of borrowers.
Speaking to Allafrica.com Namfisa spokesperson Victoria Muranda said that the retention of bank cards and PIN ...
A ‘turbulent but encouraging’ 2022 for South Africa’s Private Equity Industry – SAVCA
Southern Africa Venture Capital and Private Equity Association (SAVCA)
With the onset of the COVID-19 pandemic amidst a turbulent macroeconomic landscape, Sub-Saharan Africa was expected to go deep into contractionary territory in 2020. Highlights from the SAVCA 2021 Private Equity Industry Survey showed this prediction to be accurate, but also ...
Will FATF add the UAE to the ‘grey list’?
Despite being a financial powerhouse in the Middle East, the UAE could end up on FATF’s grey list. With a decision looming on the horizon, RiskScreen investigates the impact being ‘grey listed’ could have on the country.
Could the United Arab Emirates soon be joining countries such as Albania ...
FINCEN fines Community Bank of Texas $8 million for not reporting hundreds of suspicious transactions
The US Financial Crimes Enforcement Network (FinCEN) in December 2021 announced that it has assessed an $8 million civil money penalty on CommunityBank of Texas, N.A. (CBOT) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations.
Specifically, CBOT admitted that it willfully failed to implement and maintain ...
Environmental, Social & Governance
The cycle of ESG and Compliance
Environmental, social, and governance (ESG) issues have been around for many years under a variety of different names (eg, sustainability, etc). Until recently, ESG was often considered to be a public relations function, as corporations sought to enhance their reputations by serving as good corporate citizens, mostly through environmental or ...