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Important FSCA discussion documents published in December

True to form, the FSCA published a number of very important documents for public comment towards the end of 2019. We publish a summary of these documents below which we will discuss in future publications:

Comment due in January 2020

FSCA Communication 9 of 2019 (INSURANCE): Publication of draft exemption notice proposing an exemption of independent Intermediaries form compliance with regulation 4.2(3) of the regulations under the Short-Term Insurance Act 1998 and Regulation 8.2(2) of the regulations under the Long-Term Insurance Act 1998.

The purpose of this Communication is to inform stakeholders that a draft general exemption has been published for public comment by 24 January 2020.

Click on the links to download the relevant documentation:

FSCA Communication 9 of 2019
Draft exemption notice ST
Draft exemption notice LT

FSCA Communication 10 of 2019 (INSURANCE): Publication of draft exemption notice proposing an exemption of short-term insurers that offer transport policies from certain requirements of Rule 13.4 of the Policyholder Protection Rules (Short-term Insurance), 2017

The draft general exemption has been published for public comment by 30 January 2020. FSCA is intending to exempt insurers that offer transport policies from Rule 13.4 insofar as it relates to collecting the identity numbers of policyholders.

Click on the links to download the relevant documentation:

FSCA Communication 10 of 2019
Draft exemption notice


Comment due in March 2020

RDR Discussion Document on Adviser Categorisation and Related Matters
The purpose of this Discussion Document is to provide the FSCA’s updated thinking on various practical implications of the two-tier adviser categorisation and related RDR proposals, and invite stakeholder views.Click here to download the Discussion Document.
RDR Second Discussion Document on Investment Related Matters
The purpose of this document is to provide stakeholders with feedback on responses received to the 2018 Investments Document, to share the FSCA’s updated thinking on proposals put forward in that document, and to elicit further stakeholder input on the FSCA’s updated proposals.Click here to download the Discussion Document.
RDR Position Paper on Equivalence of Reward (Proposal RR)
This Position Paper provides an update on the further research that took place during the course of 2019 and the FSCA’s updated view on the way forward with regards to Equivalence of reward (EoR).Click here to download the Position Paper.
RDR paper on Intermediary Activity Segmentation and Related Matters
The purpose of this document is to communicate a high-level summary of findings emanating from the intermediary activity segmentation analysis conducted by the FSCA; information gathered through outsourcing notifications and other supervisory activities; and to outline how these findings will inform the FSCA’s regulatory and supervisory approach.Click here to download the paper.

Stakeholders are invited to provide input by no later than 31 March 2020 on the Adviser Categorisation and Investment Related Matters.

Click on the links to access the feedback templates:

Annexure A Feedback template  Retail Distribution Review (RDR): Discussion document on categorisation of financial advisers and related matters.

Annexure A Feedback Template Retail Distribution Review (RDR): Second discussion document on investment related matters.

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