The Financial Sector Conduct Authority (FSCA) is re-issuing the Directive to Provide Information 2021 (DPI) for completion and submission between 1 May 2021 and 31 May 2021. According to the FSCA, this is an effort to provide accountable institutions who failed to comply with the directive by 31 March 2021 a final opportunity to comply. […]
The Financial Sector Conduct Authority (Authority) has recently received numerous queries and complaints from compliance officers, FSPs and medical scheme brokers indicating that the Council for Medical Schemes (CMS) refused to renew the accreditation of brokers who are unable to produce a Grade 12 National Certificate or equivalent. Was there a change in the accreditation […]
The Financial Sector Conduct Authority (FSCA) has taken regulatory action against Sanlam Collective Investments (RF) (Pty) Ltd. This follows the findings of the FSCA’s investigation into Sanlam and its administered fund, the Tresor Sanlam Collective Investment Equity Fund. What lead to the regulatory action? Board Notice 90 of 2014 (BN90) determines the requirements for portfolios […]
The Fit and Proper Determination requires that certain individuals obtain a specified number of Continuous Professional Development (CPD) hours within an annual 12-month cycle between 1 June and 31 May of a specific year. With the deadline fast approaching and for those that are still looking for an hour or two, Moonstone’s newsletters are an […]
The Financial Intelligence Centre (the Centre) has issued Public Compliance Communication 50 (PCC 50), which provides guidance and clarity on the measures a reporter must take to mitigate the loss of intelligence data when remediating and preventing reporting failures. According to the Centre, PCC 50 was made available for consultation comment by accountable institutions, supervisory […]
All businesses with employees, customers and suppliers must comply with the Protection of Personal Information Act 4 of 2013 (POPI), which comes into effect on 1 July 2021. According to Wendy Tembedza of Webber Wentzel, businesses should be reviewing their use of personal information to determine if it complies with the Act. Tembedza provides a […]
The Financial Intelligence Centre (FIC) has issued Public Compliance Communication 49 (PCC 49) that provides guidance on certain money laundering (ML), terrorist financing (TF) and proliferation financing (PF) risk considerations and provides suggested resources that may be consulted in determining the ML/TF/PF risk related to geographic areas. Last year, Draft PCC 110 was made available […]
Last year the The Financial Sector Conduct Authority (FSCA) recognised the challenges presented by the Covid-19 pandemic and the impact on the completion of any planned CPD offerings. To assist financial advisers in 2020, an extension of deadlines were granted to enable those who had not obtained the requirement by 31 May 2020, to meet […]
With less than 100 days to the deadline for public and private bodies to ensure that the processing of personal information conforms to the Protection of Personal Information Act (POPIA), the Information Regulator (IR) announced the prioritisation of certain processes in preparation for the full implementation and enforcement of POPIA on 1 July 2021. 1. […]
In June 2020, the Financial Intelligence Centre (FIC) called for comments from accountable institutions, reporting institutions, supervisory bodies, and other persons, as discussed in a Moonstone article titled “Draft Public Compliance Communication 12A – Guidance on outsourcing of compliance activities to third parties”. These comments have now been considered and as a result the FIC issued […]
