Must a retirement fund’s rules stipulate the exact number of trustees?
If the rules do not state the actual composition of the board, it will not be possible to determine whether the board is properly constituted at any given time.
Compliance and Legislation
Financial regulator again extends the exemption on compliance officer visits
The exemption remains subject to the conditions announced in 2017, and COs must inform FSPs they are operating under the exemption.
Tribunal amends aspects of JSE’s public censure of listed company’s director
The fine of R2m imposed on AYO’s Khalid Abdulla was reduced to R1.2m.
KI’s enquiries could have prevented losses suffered by Stringfellow clients, says FST
‘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.’
FAIS Ombud highlights FSPs’ obligations when a policy is replaced
The complaint arose because the policyholders were under the impression the new policy had retroactive cover.
FSCA extends the duration of three exemption Notices
The exemptions relate to the audit report and liquidity requirements, juristic representatives, and professional indemnity or fidelity insurance cover.
‘Courts should not simply rubberstamp punitive costs orders against defaulting consumers’
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.
SA Reserve Bank fines Grindrod Bank R10.73m for FICA non-compliance
The administrative sanctions are the result of an inspection conducted by the Prudential Authority three years ago.
CMS publishes list of approved medical scheme options for 2024
According to the circular, the regulator has approved the launch of only one new option next year.
FIC extends deadlines to comment on two draft guidance communications
These are the PCCs relating to beneficial ownership and the targeted financial sanctions obligations.
FSCA revises the timelines for the roll-out of Omni-CBR
The Authority has noted the industry’s feedback, but Moonstone’s main concern with the first version of the return remains.
Two pots: proposed implementation date is neither 1 March 2024 nor 1 March 2025
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.
Considerations when deciding whether to keep a company dormant or close it
An entity can formalise its dormancy by way of a liquidation process or by deregistering with the Companies and Intellectual Property Commission.
Tribunal sets aside debarment of rep who copied and pasted a client’s signature
An affidavit from the client contradicts the bank’s version that the representative acted fraudulently.
FSCA discloses how many crypto licence applications it is processing
Some 20% of the applications received by the end of October were withdrawn for various reasons.
Study looks at impact of grey-listing on stock market returns
The SA Reserve Bank says grey-listing is one of the reasons for the record outflows from the country’s capital markets.
FATF releases report on SA’s progress with addressing compliance deficiencies
Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.
