SFC could bring more global financial-services activity onshore
JSE Group chief executive Valdene Reddy says the SFC could build local expertise and a broader financial-services ecosystem around foreign portfolio management.
Compliance and Legislation
Repaying a client loan doesn’t save a representative from debarment
The Tribunal found that repayment could not undo the misconduct of borrowing from a client and failing to disclose the arrangement.
SA plans framework to attract global investment-management business
The proposed SFC could create opportunities in international business for qualifying FSPs with the licences, systems, and controls required to participate.
Insurers face a more demanding liquidity framework
The draft standard replaces the existing liquidity risk assessment standard with more comprehensive requirements for managing, monitoring, and reporting liquidity risk.
COFI: What must an advice file prove beyond compliance?
The FSCA’s Lezanne Botha explains why signed forms and completed disclosures are not enough, and what evidence can show that advice was suitable and customers were treated fairly.
COFI: Existing licence holders won’t have to reapply
The FSCA plans to consult on its relicensing approach and publish it about six months before the relevant provisions take effect.
Legal advisers map route forward for JIBAR transition Bill
The finance committee can remove the Bill’s proposed amendments to the invalidated Public Procurement Act and proceed with the benchmark provisions.
FIC guide sets out Directive 10 registration process
Accountable institutions are given detailed instructions for submitting branches and subsidiaries, linking existing registrations, and managing location information on goAML.
NCC extends deadline for opt-out registry comments
Financial institutions, insurers, and other direct marketers have until 6 November to comment on proposed guidelines setting out their compliance obligations.
ConCourt clears pension obstacle in divorce redistribution claims
Following its 2023 judgment, the Court has removed the separate exclusion that prevented pension interest from being considered in qualifying post-1984 marriages.
Debarment set aside after call record contradicts key allegations
The Tribunal questioned Clientèle’s ‘free’ voucher advertising and sales script, while the insurer says its Royalty benefit is provided at no additional cost.
Sanctions-screening software is no shield against non-compliance
The FIC’s new manual explains when institutions should screen clients, how they must assess possible matches, and what follows when sanctioned property is identified.
Parliament hits pause on urgent JIBAR transition Bill
The invalidation of the Public Procurement Act has left lawmakers weighing whether removing part of the amendment Bill would require further public participation.
FIC issues draft guidance for dealers in precious metals and stones
Draft PCC 126 sets out when dealers fall within FICA’s high-value goods category and explains the resulting registration and compliance obligations.
Tribunal: FSCA cannot impose joint-and-several penalties under section 167
The FST says the factors in section 167 of the FSRA are individual in nature and must be assessed in determining the appropriate penalty for each person.
SARS separates diesel refunds from VAT system
The standalone system introduces new registration, seller relationships, and record-keeping requirements.
AML Bill: Committee completes clause-by-clause deliberations
The wording of several provisions has been refined, but procurement-related drafting and the response to concerns raised by the NPO sector remain outstanding.
