FSCA releases list of licensed crypto asset service providers
Not meeting the operational ability and competency requirements are the main reasons the Authority rejected licence applications.
Compliance and Legislation
Authority highlights regulatory focus areas in 2024
FSCA pinpoints lack of oversight by KIs, FICA non-compliance, and unauthorised copy trading and funeral insurance business.
Extended deadline for the submission of PAIA reports
The heads of private bodies, information officers, or deputy information officers must be registered with the Information Regulator to submit a report.
FSCA to act to recover R495m in fines owed by Jooste
Authority releases report on fines, debarments, investigations, and licence suspensions and withdrawals in 2023/24.
Important lessons from the Constitutional Court in the Coronation case
The departure point in determining whether a company qualifies for the foreign business establishment tax exemption is what it actually does.
Cybersecurity Joint Standard: commencement date confirmed
Joint Standard 2 of 2024 outlines the measures and best practices financial institutions must adopt to ensure robust cybersecurity.
FIC report on how accountable institutions can identify money mule activity
The Centre’s analysis found the extensive use of shell companies to host and conceal fraudulent funds.
Guidelines published on how to file arrear contribution reports
The FSCA says submissions have either not been in the prescribed format or contain incorrect information.
FSCA sets out how benefit transfers must be effected during transition to two pots
The Authority also publishes the proposed changes to the section 14 application forms for public consultation.
FSP alleges rep not financially sound because he missed car repayments
The Financial Services Tribunal overturns the debarment because of insufficient evidence of misconduct and lack of financial soundness.
SCA rules on an arbitrator’s powers in disputes over arrear maintenance
The appellant contended that the arbitration clause in the settlement agreement conflicted with section 2(a) of the Arbitration Act.
Constitutional Court’s ruling in tax dispute a relief for SA multinationals
Coronation withdraws cautionary to shareholders following victory in litigation with SARS over the foreign business establishment tax exemption.
SCA rules on composition of Financial Services Tribunal panels
Litigation between Trustco and the JSE over the group’s financial statements.
Third opportunity to comment on revised RMCP guidelines
Draft Guidance Note 7A provides further guidance to accountable institutions about their Risk Management and Compliance Programme obligations.
SCA clarifies when an insurance policy is a joint one
The appeal court also confirms the principles relating to the link between a notifiable disease and causation in respect of business interruption policies.
Second round of consultations on beneficial ownership guidance
The Financial Intelligence Centre has published its responses to the comments it received during the first round of consultations.
SCA overturns precedent-setting cyber-crime judgment
The High Court’s judgment opened the door to unlimited claims against businesses whose clients suffered losses because of email interception.
