Posted on 19 Aug 2020
In Part 1 and Part 2 of our RDR series we looked at the consultation paper on Advisor Categorisation. We now turn, in Part 3 and Part 4, to the consultation paper on Investment-related matters which is a follow-up from the regulators after they considered the feedback received on the 2018 Investment Document. The latest … Continued
Posted on 19 Aug 2020
During July 2020, the Information Regulator published draft Guidelines on the Registration of Information Officers. In terms of the Protection of Personal Information Act (POPIA), responsible parties are required to appoint and register an Information Officer. This is a two-step process firstly requiring that the Information Officer be appointed within the business and secondly, that … Continued
Posted on 19 Aug 2020
The Financial Intelligence Centre (FIC) published draft Public Compliance Communication (PCC) 12A together with a Consultation Note. Draft PCC 12A provides guidance and clarity on what compliance activities can be outsourced by an accountable institution to third parties and is an update to the existing PCC 12 which was issued in January 2012 dealing with … Continued
Posted on 19 Aug 2020
It is important to review your policies and procedures to bring them in line with the amendments to the General Code of Conduct (GCOC) for FSPs and Representatives, which were published on 26 June 2020. Some of the long-awaited amendments were effective immediately, while others come into effect in December 2020 or June 2021. It … Continued
Posted on 19 Aug 2020
The Financial Sector Conduct Authority (FSCA) has recently published a series of administrative sanctions that it meted out on FSPs that were found to be non-compliant with the provisions of the Financial Intelligence Centre Act (FICA). Accountable institutions are required to comply with a number of provisions of FICA when dealing with their customers. Certain … Continued
Posted on 19 Aug 2020
Circular 50 of 2020: Industry Update on Developments Relating to COVID-19 Exemptions and Guidelines The economic impact of the COVID-19 pandemic and related national lockdown has a direct impact on the livelihood of many medical scheme members and their ability to maintain their medical cover premiums as retrenchments and business closures escalate. The CMS has … Continued
Posted on 19 Aug 2020
In a FSCA Press Release dated 7 August 2020, the FSCA confirmed that Adv. Dube Tshidi has been appointed to perform the functions of the Commissioner. The designation is effective from 6 August 2020 for a three-month period, until 5 November 2020 or until a Commissioner is appointed and assumes office, whichever occurs sooner. Read … Continued
Posted on 19 Aug 2020
On 12 September 2019, the Financial Sector Conduct Authority (FSCA) imposed an administrative penalty of R100 million on MET Collective Investments (Pty) Ltd (METCI). This decision followed an investigation into METCI, after one of its unit trust funds, the Third Circle MET Target Return Fund, lost significant value during the period 8 to 11 December … Continued
Posted on 19 Aug 2020
On 12 August 2020, the FSCA published FSCA FAIS Notice 60 of 2020 which contains the prescribed form and manner for the registration of exemption of certain persons conducting financial services related business with a private equity fund. Those FSPs that are relying on any provisions of the exemption published in Board Notice 208 of … Continued
Posted on 19 Aug 2020
The Financial Sector Conduct Authority (FSCA) recently published a Press Release providing a brief update on the progress regarding the process of obtaining legal certainty on Contingent Business Interruption (CBI) Cover and related issues. The FSCA states that the process to obtain legal certainty through the courts regarding CBI cover may be lengthy and is … Continued
Posted on 19 Aug 2020
CPD extended deadline looming FSPs, Key Individuals and Representatives that did not meet the 31 May 2020 CPD deadline for the 2019/2020 CPD cycle, have until 31 August 2020 to obtain the required number of CPD hours that are relevant and appropriate for their role and the functions which they perform. Click here to read … Continued
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