Posted on 31 Mar 2020
President Cyril Ramaphosa announced on 23 March 2020 a 21-day nationwide lockdown. While we all have been watching the developments of the novel coronavirus (COVID-19), the unfolding crisis will impact the broader economy and, more specifically, financial advisory and investment management businesses. Times like this highlight the critical importance of planning for disaster and business … Continued
Posted on 31 Mar 2020
The Council for Medical Schemes (CMS) recently published two documents of note pertaining to the Coronavirus pandemic. These are the CMS Script Issue 1 of 2020 and Circular 25 of 2020. CMS Script Issue 1 of 2020 on the Coronavirus Disease (COVID-19) provides background information on the coronavirus outbreak, how the virus is spread, the risk … Continued
Posted on 31 Mar 2020
Earlier this year we published the Companies and Intellectual Property Commission (CIPC) Notice 52 of 2019 and subsequent media release which related to developments on the new requirement for all companies to submit a Compliance Checklist together with their Annual Return as of 1 January 2020. However, there is good news for those companies whose … Continued
Posted on 31 Mar 2020
The Financial Intelligence Centre (FIC) recently published Public Compliance Communication 44 (PCC 44) that provides guidance on the targeted financial sanctions regimes which are part of the regulatory framework of South Africa. South Africa’s targeted financial sanctions regimes are implemented through the country’s anti-money laundering and combating of the financing of terrorism (AML/CFT) legislative framework … Continued
Posted on 31 Mar 2020
In January 2020 the Financial Intelligence Centre (FIC) published a draft Public Compliance Communication (PCC) for comment, containing guidance to all reporters on the requirements set out in Directive 5 of 2019. The comments have since been considered and incorporated into the final Guidance Note (PCC 45) where appropriate and was published by the FIC … Continued
Posted on 31 Mar 2020
On 25 March 2020, the Financial Sector Conduct Authority (FSCA) published FSCA Communication 9 of 2020 which sets out the decision taken by the regulator with regard to complying with specific regulatory requirements in light of the impact of COVID-19 on the financial services industry. The FSCA is aware of the challenges that regulated entities … Continued
Posted on 31 Mar 2020
Ahead of the national lockdown, the Department of Co-operative Governance and Traditional Affairs issued amendments to the Regulations of the Disaster Management Act, 2002. The amendments to the Regulations provide clarity on, inter alia, the definitions of lockdown, essential services, essential goods and movement. The amendments also set out the provisions relating to the restriction … Continued
Posted on 31 Mar 2020
The Companies and Intellectual Property Commission (CIPC) has published a notice on the various arrangements it has made to cater for its services during the lockdown of South Africa amidst the COVID-19 pandemic. The notice states that for the purposes of Annual Returns, the filing period which falls within 25 March 2020 to 15 April … Continued
Posted on 31 Mar 2020
CMS Accreditation FSPs licensed to render Health Service Benefits are reminded that their CMS accreditation must be renewed before it expires. Individual brokers and broker organisations can renew accreditation commencing four months before the expiry of the current accreditation via the CMS online portal. A reminder that the manual system (hand delivery or email) to … Continued
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