The legislation that aims to promote the protection of personal information processed by public and private bodies and seeks to balance the right to privacy against other rights, such as access to information, will take effect from 1 July 2020. “The Protection of Personal Information Act, 2013 (Act 4 of 2013) gives effect to section 14 of the […]
The Government recently published the lockdown regulations under the Disaster Management Act. With regards to the Financial Services industry, Part h: Financial and Business Services states: 1. Employees should work from home where possible. 2. Essential financial services may operate, subject to directions issues by the relevant Cabinet member, including the following services necessary to maintain the functioning […]
A member of a pension fund died without having nominated any beneficiaries. The trustees allocated the proceeds to his two daughters, but this was disputed by one of the nominees as beneficiaries under his will. The case was referred to the Pension Fund Adjudicator, who ruled that the fund should pay the proceeds of his […]
Last week, the Financial Intelligence Centre published Public Compliance Communication 46 (PCC 46), the result of all comments considered as submitted on draft PCC 109. PCC 46 now confirms the fact that all the obligations as brought about by the FIC Amendment Act are effective and enforceable. It furthermore confirms that the Prudential Authority and FSCA […]
The Financial Intelligence Centre (FIC) has published draft Public Compliance Communication no 109 (PCC 109). The objective of the communication is to provide clarity on the FIC’s position regarding the commencement and enforceability of the obligations pursuant to the FIC Amendment Act, which commenced on 2 October 2017. The draft PCC reiterates the amendment that has been brought […]
According to the South African Qualifications Authority, there is more to the National Qualifications Framework (NQF) Amendment Act, No 12 of 2019 than just criminalising qualifications fraud and lying about qualifications on CVs. Signed by the President on 13 August 2019 and published on 19 August 2019, the NQF Amendment Act tightens the legal requirements and strengthens the hands of […]
Earlier this week, parliament’s Portfolio Committee on Trade and Industry was briefed on the new National Credit Amendment Act. As part of the briefing, parliament received a socio-economic impact assessment study (SEIAS) on how the act will impact banks, government and consumers. The socio-economic impact assessment was conducted by Genesis Analytics. Fin24 reported that the […]
On 1 April 2018, the debarment process under the FAIS Act was amended by FSR Act 9 of 2017. Besides stipulating that an FSP must, before debarring a person, take specific steps, the amendment also introduced a vastly improved channel for appeals. The outcome of these amendments has been an increase in debarments that reached […]
