Category II, IIA & III FSPs required to report Investments under Management / Administration
Category II, IIA and III FSPs must calculate their investments under management and/or administration as at 31 August 2024 and prepare this for submission to the FSCA via the FAIS ePortal. The deadline for submission is 16 September 2024.
Crypto FSPs – Regulatory Exams
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. The 18-month exemption period will expire on 10 November 2024.
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. Get in touch with us or contact your closest Masthead regional office today!