Posted on 9 Dec 2020
In recent times cybercrime has become very prevalent in South Africa, particularly during the COVID-19 pandemic. When many people suddenly had to work from home when the national lockdown started, the focus of hackers shifted from email attacks to online attacks according to the global cyber security firm Kaspersky. Between February and March 2020 there … Continued
Posted on 9 Dec 2020
A joint media statement by the South African Reserve Bank, Financial Sector Conduct Authority, Payments Association of South Africa and the Banking Association South Africa was recently published stating that the issuing and the acceptance/collection of cheques will cease with effect from 31 December 2020. This decision was taken due to the numerous challenges associated … Continued
Posted on 9 Dec 2020
The Financial Sector Conduct Authority (FSCA) recently published a draft Declaration of crypto assets as a financial product under the FAIS Act. The manner in which crypto assets can be regulated has been under consideration by the National Treasury and relevant authorities for a number of years. In 2020, the Crypto Assets Regulatory Working Group … Continued
Posted on 9 Dec 2020
The Financial Sector Conduct Authority (FSCA) recently published Guidance Notice 1 of 2020 (FAIS) which provides clarity and guidance on the lapsing of licences issued in terms of the FAIS Act and the related duties of financial services providers (FSPs), Key Individuals, or other persons in control of the affairs of the FSP. The FSCA has … Continued
Posted on 9 Dec 2020
During this year we have published the various arrangements that the Companies and Intellectual Property Commission (CIPC) has made to cater for its services during the national lockdown amidst the COVID-19 pandemic. Some of these arrangements included extensions to file Annual Returns, compliance checklists, preparation of annual financial statements and the deferring of penalties. The … Continued
Posted on 9 Dec 2020
The Financial Sector Conduct Authority (FSCA) recently proposed further amendments to the FAIS General Code of Conduct (GCOC) which is intended to take effect early 2021. According to the statement supporting the proposed amendments, the amendments are necessary to contribute to the fulfilment of the FSCA’s legislated objectives and is intended to promote the fair … Continued
Posted on 9 Dec 2020
The Financial Sector Conduct Authority (FSCA) recently proposed amendments to the Determination of Fit and Proper Requirements which is intended to take effect early 2021. According to the statement supporting the proposed amendments, the main purpose of these amendments is to update the Determination in order to make provision to limit the need for further … Continued
Posted on 9 Dec 2020
Regulatory Exams, Class of Business and Qualification deadlines A reminder that supervised representatives who had a deadline that fell between 27 March 2020 and 30 November 2020 to comply with the Regulatory Exams, Class of Business Training and/or Qualification requirements have until 15 December 2020 to comply with the relevant requirement. CPD FSPs, KIs … Continued
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