CBI director fined R216 million and debarred for 10 years
Coenraad Botha and his wife are facing 64 charges in Namibia related to an alleged illegal investment scheme involving N$163 million.
Compliance and Legislation
Unclaimed assets: FSCA will prioritise monitoring conflicts of interest
A new approach may be required to how financial institutions are remunerated for services rendered in respect of unclaimed assets, the Authority says.
Only days left to book for Moonstone’s 2024 Regulatory Update Webinar
The agenda includes FICA compliance, the roll-out of Omni-CBRs, and managing the risks around business email compromise.
Stack up the evidence when claiming interest expenses
Taxpayers carrying on trade as an investment holding company should ensure they can demonstrate a high degree of involvement in the operations of the subsidiaries.
FIC issues guidance on what is ‘a high-value goods dealer’
A high-value good is an actual physical item, and facilitating the trade of high-value goods does not make one a HVGD.
New deadlines for completing the Trustee Training Toolkit
The FSCA has launched the second and final batch of the 22-module online course for board members of retirement funds.
Costs order against FSCA for ‘irregular and unlawful’ debarment
The Authority should have conducted its own investigation and not relied solely on information provided by the insurer, the Tribunal says.
Arrear contributions: 10 employers should not have been on the list
The FSCA publishes its latest list naming thousands of entities that allegedly owe retirement fund contributions.
Bookings are open for Moonstone’s 2024 Regulatory Update Webinar
The agenda includes FICA compliance, the roll-out of Omni-CBRs, and managing the risks around business email compromise.
Financial watchdog cracks down on copy trading and fictitious policies
The FSCA reiterates that copy or mirror trading amounts to unlicensed discretionary FSP business.
Investigations uncover sale of funeral policies without underwriting
One of the businesses admitted to issuing more than 4 000 policies and collecting R14 million in premiums without having a licensed underwriter.
Unlicensed crypto and OTC derivative providers in FSCA’s crosshairs
The Authority warns key individuals not to associate their names with ODP operators without knowing how they are conducting their business.
How the Authority arrived at a fine of R475 million
Jooste was more blameworthy than others because he deliberately contravened the law and was well qualified to understand his conduct’s implications, the FSCA says.
Markus Jooste fined R475m for publishing misleading Steinhoff financials
The FSCA is still waiting for him to make good on the reduced fine of R20m imposed in December 2022 for insider trading.
Treasury addresses industry’s main concerns about Pension Funds Amendment Bill
An application clause will provide for the Pension Funds Act to prevail over the Divorce Act where the Acts’ provisions conflict.
FSCA to embed ‘consumer vulnerability’ in its approach to supervision and regulation
The Authority’s Statement on Consumer Vulnerability will inform its engagements with stakeholders, starting this year.
Authority fines another FSP for FICA non-compliance
The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.
