New rules reshape how foreign funds access SA investors
The determination introduces a more structured approval framework for offshore funds, while expanding supervisory discretion and replacing BN 257.
Compliance and Legislation
Undisclosed referrals to a competitor FSP lead to debarment
Reconsidering the matter after a High Court remittal, the Tribunal finds the referral activity failed the fit and proper test.
South Africans living abroad can no longer ignore the AIT process
Banks are already acting on the updated exchange control requirements, and transfers without an AIT certificate may be frozen.
Draft PCC outlines geographic reporting obligations for institutions
The FIC publishes draft guidance on implementing Directive 10, including how institutions must capture and submit geographic data across group structures.
FSCA’s financial education Conduct Standard comes into force
With the transition period now over, financial institutions that offer education initiatives must align with the FSCA’s requirements on governance, evaluation, and accountability.
FSCA signals delay to Omni pilot as rollout reaches ‘inflection point’
Officials outline key supervisory areas affecting financial institutions, with a focus on governance, AML controls, cyber resilience, and consumer-facing risks.
Debarment overturned after Tribunal criticises ‘desktop’ investigation
A failure to verify a client’s income amounted at most to negligence, but the evidence did not justify debarment for dishonesty.
Insurers must report number of personal lines claims in 2025
The FSCA says the information helps it to monitor the extent to which insurers are delivering fair outcomes for consumers.
FIC invites comment on proposed risk and compliance returns
The draft directive requires certain accountable institutions to submit RCR questionnaires covering information from 2023 to 2026.
GAAR assessments cannot be rewritten in litigation, SCA rules
SARS cannot fundamentally alter the factual basis or remedy of an assessment issued under the general anti-avoidance rule provisions through a Rule 31 statement.
Labour law overhaul signals shake-up of dismissal, retrenchment, and gig-work rules
The Bill proposes major changes to dismissal procedures, severance pay, and protections for gig and on-call workers, while tightening the enforcement of retirement fund contributions.
Amendment Bill reshapes parental leave and UIF benefits
The draft Bill converts the Constitutional Court’s interim remedy into law, creating a single, shared parental leave entitlement and widening rights for adoptive parents.
New POPIA regulations on health information now in force
The Information Regulator clarifies how organisations such as insurers, pension funds, and employers must process and protect health information.
Six key themes from the FSCA’s FICA compliance inspections
Moonstone Compliance’s analysis identifies recurring shortcomings that FSPs should fix to avoid enforcement action.
CARF expands SARS’s visibility over crypto transactions, says PwC
The new reporting regime, effective from 1 March, increases the information available to SARS through third-party reporting and international data exchange.
SARB releases draft exchange control circulars implementing Budget reforms
The proposed changes include higher discretionary allowances, adjustments to cross-border payment limits, and administrative reforms affecting authorised dealers.
FIC publishes draft communication on travel rule compliance for CASPs
The draft PCC reinforces zero-threshold travel rule application, mandatory real-time monitoring, enhanced controls for unhosted wallets, and strict freezing obligations.
