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COVID-19 impact – Extension granted for certain compliance requirements

In response to the impact of COVID-19 and the nationwide lockdown on South Africa in general, and the financial services industry specifically, the Financial Sector Conduct Authority (FSCA)announced various extensions. These include the Financial Markets Act as well as Conduct of Business returns.

Financial Markets Act of 2012

FSCA Communication 40 OF 2020 (FM) states further arrangements in respect of extending the period to comply with the following requirements contained in the Financial Markets Act of 2012:

In terms of section 90 of the FMA read with paragraph 8 of Board Notice 96 of 2013, a regulated person, other than a market infrastructure, a person regulated under the Banks Act, and the South African Reserve Bank, must cause its accounting records and annual financial statements to be audited within the prescribed period. The FSCA announced further extensions for compliance to this regulation:

Financial Year-
Date in terms of BN 96 of 2013 prescribed under section 90 of the FMA Extended date
31 May 2020 31 August 2020 31 October 2020
30 June 2020 30 September 2020 30 November 2020
31 July 2020 31 October 2020 31 December 2020
JSE Listing Requirements and the JSE Debt Listing Requirements (Publishing of provisional annual financial statements, distribution of notice of annual general meeting and financial statements to holders of securities, publishing of annual financial statements on website and submission of audited financial statements to the JSE) have also been extended for a period of 2 months in respect of issuers with the following financial year ends: 31 May 2020, 30 June 2020 and 31 July 2020.
The JSE Listing Requirement with regards to publishing of interim reports will be extended for a period of 1 month in respect of issuers with an interim period end of 31 May 2020, 30 June 2020 and 31 July 2020.

Conduct of Business returns

The FSCA has also confirmed that an extension of one month has been granted for the CBR submissions due by 31 July 2020. The extension applies to all regulated entities required to submit CBR returns in terms of FSCA INS Notice 10 and 11 of 2020.

According to FSCA Communication 39 of 2020 (INS), the CBR submission for the period April – June 2020 must be submitted by all insurers that are currently required to complete CBRs via the Conduct of Business – Data Upload Facility on the FSCA website on or before close of business on 30 August 2020.

Click here to download FSCA Communication 40 OF 2020 (FM)

Click here to download FSCA FM Notice 7 of 2020 – Extension of period to comply with section 90 of the FMA

Click here to download FSCA FM Notice 8 of 2020 – Extension to comply with Listing Requirements

Click here to download FSCA INS Notice 14 of 2020.

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