Unpacking the proposed regulatory exemptions for crypto FSPs
The exemptions apply to crypto FSPs, their key individuals and representatives, and crypto asset supervised representatives
Compliance and Legislation
Minister of Finance raises Fica cash reporting threshold
Period within which cash transactions must be reported is also extended
FAIS Ombud told to reconsider decision in case involving ambiguous policy wording
Insurer argues that ‘days’ means ‘normal days’, but the Financial Services Tribunal does not agree.
Finance committee chairperson takes aim at Intellidex report ‘canvassing’ for SA to be grey-listed
The chairperson of the National Assembly’s Standing Committee on Finance (Scof) this week sharply criticised “a section” of the business community for publishing a report suggesting there is an 85% probability that South […]
Changes to Employment Equity Act mean less red tape for small businesses
Amendments to the Employment Equity Act (EEA) will change the definition of a “designated employer” to restrict the application of sections of the Act to a reduced group of employers and relieve some […]
Guidance for accountable institutions on the risks of financing weapons of mass destruction
FIC makes recommendations on the adoption of a risk-based approach to mitigate the risk of proliferation financing.
Amendments could result in companies moving their primary listing, says JSE
The proposed “beneficial owner” disclosure and reporting requirements for listed companies could result in companies moving their primary listing from South Africa to other jurisdictions, the JSE has told the National Assembly’s Standing […]
New deadline to comment on anti-grey-listing bill
The National Assembly’s Standing Committee on Finance (Scof) has extended to 25 October the deadline for submitting comments on the omnibus bill aimed at preventing South Africa’s grey-listing next year. On Tuesday, the […]
Time is against South Africa to avoid grey-listing
If South Africa does escape being grey-listed next year, it will be by the skin of our teeth. Time is not on the country’s side when one considers the work that must be […]
Beneficial ownership information must be available to the public, says Cosatu
The Congress of South African Trade Unions (Cosatu) has called for information about the beneficial ownership of companies to be made publicly available. Cosatu and one of its affiliates, the Southern African Clothing […]
Non-profit organisations caught between a rock and a hard place
The Department of Social Security is not equipped to deal with the registration of every non-profit organisation (NPO) in the country, while the failure of NPOs to register will have dire consequences for […]
FAIS Ombud revises compensation order after tribunal asks her to reconsider determination
The determination did not sufficiently address an adviser’s submissions on the extent of the complainant’s losses.
Trusts under the magnifying glass of local and international financial watchdogs
If a trust is not valid, the trustees can be held personally liable for any taxes related to the trust activities.
FSCA launches survey of FSPs’ understanding of financial soundness
Recordings of the Authority’s recent workshops on financial soundness are available on YouTube.
Standard Bank’s debarment stands despite ‘missing’ debarment policy
Financial Services Tribunal sets out why the policy’s absence from the record is not fatal to a procedurally fair process.
FSCA publishes conduct standard on third-party cell captive insurance business
The FSCA has published a conduct standard setting out the requirements relating to third-party cell captive insurance business. Conduct Standard 2 of 2022 (INS) came into operation on 1 October and applies immediately […]
Rationale for publishing the conduct standard on cell captive insurance business
The following is an extract from the FSCA’s statement explains the need for, the expected impact of, and the intended operation of the conduct standard on third-party cell captive insurance business. Enhancements to […]
