From 1 March, new frameworks will impose expanded due diligence and information-exchange obligations on exchanges, custodians and banks.
The FSCA has outlined how it intends to promote transformation in the financial sector, both now and, more importantly, once the Conduct of Financial Institutions (Cofi) Bill becomes law. This week, the Authority […]
The FSCA is exempting FSPs, key individuals and representatives who operate in the credit life and funeral insurance space from some of the Fit and Proper Requirements. The reason for the exemptions is […]
The Appeal Board of the Financial Intelligence Centre (FIC) has upheld the effective penalty of R1 065 924 imposed on Gauteng-based Truck World for failing to report transactions exceeding the cash threshold of R24 999.99. […]
National Union of Metalworkers of South Africa (Numsa) general secretary Irvin Jim scored a R40 000 birthday party, and his daughter a laptop, thanks to a life insurance company owned by Numsa’s workers’ […]
The Financial Services Tribunal’s decision in January to set aside the debarment of a financial planner highlights the importance of FSPs adhering to the requirements of section 14 of the FAIS Act and […]
The FSCA has jointly fined Pioneer FX (Pty) Ltd and Quintin Moorcroft for rendering financial services without authorisation. It has also debarred Moorcroft for 10 years. The Authority said, as a result of […]
Ninety-eight percent of lawyers give the rest of us a bad name, quipped Steven Wright, American stand-up comedian, actor, writer and Oscar-winning film producer. This view was also applied to the financial services […]
The government proposes to address anomalies in the Income Tax Act to ensure that members of pension and provident funds are treated alike, according to proposals announced in the Budget Review. The anomalies […]
The government intends introducing several amendments to legislation that will affect exchange control in general and crypto assets in particular. The 2022 Budget Review set out the following proposals that will ease the […]
The government intends to amend section 7B of the Income Tax Act to cater for performance-based variable remuneration, the 2022 Budget Review says. In terms of the Act, “variable remuneration” includes: Overtime pay, […]
National Treasury intends to close an anomaly in the Income Tax Act that enables individuals whose tax residency ceases to double dip into certain exemptions and exclusions, according to the 2022 Budget Review. […]
Preliminary feedback from an investigation by ENSafrica Forensics has not uncovered any evidence of fraud or criminal conduct by Oceana’s current or former employees or directors, the JSE-listed fishing group said on Friday. […]
Jeff Schultz, senior economist at BNP Paribas South Africa, provides the following perspective on the Budget. He discusses: What the ANC hopes the Budget will achieve politically. The outlook for government revenue and […]
National Treasury will publish a discussion document dealing with the tax treatment of collective investment schemes’ trading profits before proposing amendments to the Income Tax Act, the 2022 Budget Review says. CIS distributions […]
The most notable feature of Budget 2022 is National Treasury’s intent to stabilise the government’s debt ratio, as it “saves” a significant portion of its current tax windfall, estimated at R181.9 billion in […]
National Treasury’s proposal to harmonise the offshore limit for all insurance, retirement and savings funds will enable retirement funds to invest up to 45% of their capital offshore. This includes the 10% allowance […]
The government has allocated a total of R22 billion to Sasria in the current financial year to enable it to settle claims and ensure it has sufficient capital to meet regulatory requirements, according […]
