‘A key individual is not only responsible to oversee the categories of financial services for which he is licensed, but he bears an oversight role in relation to the FSP generally.’
The complaint arose because the policyholders were under the impression the new policy had retroactive cover.
The exemptions relate to the audit report and liquidity requirements, juristic representatives, and professional indemnity or fidelity insurance cover.
Judge says the courts have a duty to assess whether contracts do not offend against constitutional principles, as well as the NCA and the CPA.
The administrative sanctions are the result of an inspection conducted by the Prudential Authority three years ago.
According to the circular, the regulator has approved the launch of only one new option next year.
These are the PCCs relating to beneficial ownership and the targeted financial sanctions obligations.
The Authority has noted the industry’s feedback, but Moonstone’s main concern with the first version of the return remains.
The Minister of Finance responds to the Standing Committee on Finance’s call for the implementation date to be moved to 1 March next year.
An entity can formalise its dormancy by way of a liquidation process or by deregistering with the Companies and Intellectual Property Commission.
An affidavit from the client contradicts the bank’s version that the representative acted fraudulently.
Some 20% of the applications received by the end of October were withdrawn for various reasons.
The SA Reserve Bank says grey-listing is one of the reasons for the record outflows from the country’s capital markets.
Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.
The FIC’s Public Compliance Communication addresses the updated approach to TFS as set out in the amended legislation.
The Financial Intelligence Centre says many accountable institutions have ignored its instructions to submit a risk and compliance return.
Implementing the draft Conduct Standard will have cost implications for CIS managers – some of which may be substantial, particularly for smaller managers.
