Reminders – 01 October 2024

FSPs (CAT II, IIA, and III) required to maintain liquid assets and whose financial year end was 28 February 2024, are required to submit Form A: Liquidity Calculation (Annexure six of BN 194 of 2017) to the FSCA by 15 October 2024.

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FSPs and key individuals authorised for crypto assets are reminded to ensure that they meet the relevant RE requirements by 10 November 2024. FSCA FAIS Notice 25 of 2023 granted crypto asset FSPs and their key individuals a temporary exemption from the regulatory exam requirements for 18 months from 11 May 2023.

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Commencement date of Joint Standard on IT Governance and Risk Management

Joint Standard 1 of 2023 on Information Technology Governance and Risk Management aims to ensure that financial institutions implement sound practices to reduce IT-related disruptions and breaches and applies to discretionary FSPs and administrative FSPs, among others.

These financial institutions are urged to prepare and put the necessary measures in place for compliance with the Joint Standard, which will commence on 15 November 2024. FSPs are advised to take early steps to assess their readiness for implementation to avoid non-compliance.

Masthead’s new service is here to assist you

Our IT Risk Management and Cybersecurity Implementation Service helps FSPs adopt the new requirements of Joint Standard 1 of 2023 on IT Governance and Risk Management and Joint Standard 2 of 2024 on Cybersecurity and Cyber Resilience. Our Compliance Officers will guide you through these requirements and help implement the necessary framework and policies to ensure compliance. Contact us or your closest regional office today to learn more.