Tax uncertainty clouds offshore trust distributions
Practitioners warn that applying section 7(8) to cross-border trust distributions could create onerous and potentially perpetual tax and compliance consequences.
Compliance and Legislation
Parliament calls for comment on AML/CFT reform Bill
Stakeholders have until 10 August to comment on proposed amendments aimed at strengthening South Africa’s financial crime framework.
Registration closes on Monday for Moonstone’s Regulatory Update Webinar
With COFI on the horizon, the webinar will unpack its practical implications alongside key regulatory, enforcement, and FICA developments.
Retiring broker’s move to rival FSP was not dishonest, Tribunal finds
The source of an obligation does not determine whether disputed conduct amounts to genuine fit-and-proper misconduct.
Retirement fund arrears rise to R8.33bn despite R1bn in recoveries
Late-payment interest now accounts for almost half of arrears, suggesting unpaid contributions are remaining outstanding for longer.
COFI at the heart of FSCA’s 2026 regulation plan
The Authority’s three-year roadmap also outlines upcoming reforms affecting financial markets, retirement funds, payment services, and cross-sector regulation.
SARS draft guide sets out tax implications for crypto transactions
Crypto users may trigger tax consequences through swaps, staking, mining, payments, employment benefits, or donations, even where no rand conversion takes place.
FSCA highlights common CASP compliance failures
The regulator reports steady progress in licensing while sharing lessons from its AML inspections of authorised providers.
Compliance officer visit exemption continues
Compliance officers may continue using a risk-based approach to determining visit frequencies instead of complying with the prescribed minimum intervals.
Premium-collection relief retained for three years
The extension preserves the existing framework allowing qualifying juristic representatives to collect and deal with insurance premiums on behalf of insurers.
Insurance-cover exemption extended for underwriting managers
Qualifying Category I and Category IV underwriting-manager FSPs remain exempt from the section 13 requirement, subject to the existing conditions.
Audit report and liquidity exemption for certain FSPs renewed
Qualifying Category I FSPs that handle insurance premiums on behalf of insurers may continue relying on the existing exemption until 30 June 2029.
Private equity FAIS relief continues until 2029
Qualifying providers and certain juristic representatives will continue to benefit from targeted regulatory relief, with the existing exemption conditions unchanged.
Trust tax filings jump as penalties start to roll out
Trustees face growing pressure to file outstanding returns or formally deregister dormant trusts before penalties escalate.
Tribunal clarifies test for qualification exemptions
The ruling explains why exemption applications require objective statutory grounds rather than pleas for indulgence.
Funeral insurance Bill moves to Parliament, but questions persist
The proposed reforms could require significant operational changes for insurers, but industry experts believe they address only part of the problem.
Tribunal draws line between enforcement powers and personal redress
The decision highlights the distinction between punishing misconduct and compensating consumers who claim to have suffered losses.
