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    Future Product Training

    The latest proposed amendments regarding intermediary proficiency stem from a review of the competency framework, and aims to ...


Regulator to probe insider trading allegations

The FSB confirmed that it is investigating unusual trading in foreign exchange futures contracts after receiving a report from the Johannesburg Stock Exchange (JSE). The Regulator’s Department for Market Abuse (DMA) is currently conducting an investigation into possible insider trading in certain foreign exchange futures contracts before the recall of former Finance Minister Pravin Gordhan […]

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Qualification and RE DOFA Deadlines Clarified

This article, published in September last year, is even more relevant today. A reader recently wrote: My query relates to the article headed “Qualification deadline at hand – 30 June 2016 is a very important date”. I understand that representatives appointed after 2010 has 6 years in which to obtain a qualification by writing the Regulatory Exam. […]

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Chatbots and the Future of Insurance

If your insurance business or brokerage does not have a digital component to its overall strategy you are what we would call a sitting duck. The fact is, tomorrow’s insurance is here. It is in the unpredictable weather and resultant claims from it. It is in the demand for ‘pick and pay’ types of insurance […]

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Debarment Overturned

Fica Bill finally signed

It sometimes seems that the old colonial approach of “Divide and rule” was replaced in Africa by “Delay and rule”. Almost a year after the Bill was first passed in Parliament, the President has finally signed it into law, but legal prescriptions which need to be followed may see the actual implementation delayed even further. […]

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Future Product Training

The latest proposed amendments regarding intermediary proficiency stem from a review of the competency framework, and aims to build on the existing requirements by establishing an effective and proportionate regulatory framework to ensure that financial services providers: have the right levels of product related knowledge meet appropriate standards of professionalism and undergo continuous professional development […]

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A Fallacy called FAIS Credits

FAIS Newsletter 22 from the FSB, published in December 2016, contains a very important section to assist the industry in understanding the “Credit” requirements. The following paragraph is printed in bold and highlighted: There are no “FAIS credits”. The credits referred to in the Fit and Proper requirements are credits that have been allocated to the […]

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Reporting Requirements for OTC Derivatives

The Registrar of Securities Services published a draft Trade Reporting Obligation Board Notice on Over-the-Counter (OTC) Derivatives for a second round of public consultation. “Establishing a harmonised reporting framework is an important aspect to transform the OTC derivatives space and will provide regulators with the basis to carry out their mandates by having a comprehensive […]

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Important FICA Reminder for Motor Dealers

Motor dealers are reminded that if they receive a cash payment from a customer of more than R24 999,99 – and here cash means coins, banknotes or travellers cheques – that this must be reported to the Financial Intelligence Centre on each occasion. S 28(b) of the FIC Act, 2001 provides that a reporting institution must, […]

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