A Coup in Burkina Faso
The situation in Burkina Faso has turned into a coup d’état, as we thought was likely. On the morning of Thursday, September 17, a military official announced on television that the army, acting […]
FSCA slaps Banxso and directors with record R2bn fine
The Authority says the penalties reflect the financial benefit gained from unlawful conduct and the harm to clients – handing 30-year debarments to several Banxso executives.
Complaints Handling after 1 January 2016 – Part I
It is anticipated that the Financial Sector Regulation Act of 2015 will become effective next year. Much emphasis will be placed on how you manage complaints. It will be an important barometer of […]
Durban Permanent RE Venue News
The Moonstone Regulatory Exam Centre in Durban, situated in the Musgrave Centre, will only remain in use until 29 September as a result of major renovations to the centre. The new Durban venue, which will […]
Padongelukkefonds eise en mediese skema terugbetalings
Geplaas met die vriendelike toestemming van Van der Spuy en Genote. Jy was in ‘n motorongeluk betrokke en jou mediese fonds het jou mediese kostes gedek. Op advies van jou prokureur het jy […]
Market Conduct Regulation and Consumer Protection
The “Draft Market Conduct Framework” contains an example of a short-term claim to show how the new format, under Twin Peaks, will allow the Regulator to act in a more pre-emptive manner. The […]
FSB FAIS Circular 4 of 2015
The FSB published a Guidance Note on the Interpretation and Application of Section 13(1)(c) on 24 June 2015. This document has specific bearing on “…authorised financial services providers who wish to conduct financial […]
Unintended Consequences
Twenty one years on, and our fledgling democracy is still in the process of adapting to the real, modern world. Quite often, legislation is enacted with the best of intentions, only to achieve […]
Low Cost Benefit Options for Medical Schemes
The Council for Medical Schemes (CMS) published Circular 54 of 2015 which contains details of the framework and principles to allow the introduction of Low Cost Benefit Options (LCBOs) within the medical schemes […]
Can you cancel a contract by email?
Published with the kind permission of Van der Spuy & Partners Your agreement is signed, sealed and delivered! You know that in the agreement a non-variation clause stipulates that no variation or consensual […]
Sub-agent Accountability
Proposal I in the RDR draft document (see link below) provide for the inclusion of specifically identified forms of referrals and leads in the regulatory framework as a form of financial intermediation. It […]
JPMorgan boots Nigeria from influential bond index
Bloomberg reported late on Tuesday, September 8 that JPMorgan has decided to eject Nigeria from its Government Bond Index-Emerging Markets (GBI-EM). Justifying its decision, the investment bank stated: “Investors who track the GBI-EM […]
Bulbs brain teaser solution
Keep the first bulb switched on for a few minutes. It gets warm, right? So all you have to do then is … switch it off, switch another one on, walk into the […]
Sub-agent Accountability
Proposal I: Conduct Standards for referrals and lead generation Certain specifically identified forms of referrals and leads will be included in the regulatory framework as a form of financial intermediation, and will be […]
What style of play will win RWC 2015?
We are currently spoilt for choice, watching replays of previous RWC matches on Supersport. I made some notes while reliving past glories. The soggy match between the Springboks and France in Durban in […]
Demarcation regulations and low cost benefit options
Legalbrief Today published an article on 3 September titled “New health cover demarcation regulations imminent” which notes that the final demarcation regulations for short and long-term health insurance will be gazetted in September. […]
Fitch Withdraws FSB Registration
Fitch Ratings announced on 4 September that it has decided to withdraw its Financial Services Board (FSB) credit rating agency registration of its South African subsidiary, Fitch Southern Africa (Pty) Ltd. “The decision […]
Poor Administration or Negligence
Section 11 of the General Code of Conduct states: `A provider must at all times have and effectively employ the resources, procedures and appropriate technological systems that can reasonably be expected to eliminate, […]
