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New Fit and Proper Regulations and the Regulatory Exams

The long anticipated amended “Determination of Fit and Proper Requirements for Financial Services Providers, 2017” was finally printed in December last year. Do not be fooled by the fact that the determination, sans the annexures, only consists of 40 pages. There is a lot to consider. We will cover this in more detail in the […]

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Guidance on reappointment of debarred reps

A newly published document by the Registrar attempts to address some of the practical problems experienced in the past. “16. The frequency of representative complaints reported to the Registrar’s office, and the intensity of debate around the issue of debarments by FSPs in terms of section 14(1), prompted the Registrar on 5 November 2013 to issue a […]

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Virtual Currency Alert from Treasury

“The National Treasury, the South African Reserve Bank, the Financial Services Board, the South African Revenue Service and the Financial Intelligence Centre, published a document titled “User Alert – Monitoring of virtual currencies”. The purpose is to make the public aware of the risks associated with the use of virtual currencies for either transactions or […]

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Update on legislative changes in 2018

The Insurance Conduct Workshops held in Pretoria and Cape Town in December 2017 were very informative and provided a good update of the current and future regulatory landscape. Those unable to attend are advised to study the presentations published on the FSB website. Below are some proposed implementation timelines, but this is dependent on what happens in Parliament. […]

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Appeal Board Reduces Debarment Period

A recent case before the FSB Appeal Board saw the period of debarment halved which is an interesting deviation from previous views held by the Board on its powers to interfere in decisions by the Registrar. In May last year we published an article in which we discussed this very matter: Appeal Board and powers […]

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Municipal Councillors Pension Fund under Curatorship

The FSB published the following media release on 20 December: On 19 December 2017, the Pretoria High Court granted an application brought by the Registrar of Pension Funds in terms of section 5(1) of the Financial Institutions (Protection of Funds) Act, 2001 for the appointment of curators to the Municipal Councillors Pension Fund. The court appointed […]

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Festive season greetings

This year, which is speeding to an end, has arguably been the busiest in my 40 years in the industry. The latest batch of legislative changes envisaged for the next six months is a clear indication of the applicability of the Bachman–Turner Overdrive song: You ain’t seen nothing yet. From all of us at Moonstone, […]

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