
FSCA overstepped its authority on retirement fund exemption time limit
The Tribunal finds the FSCA acted beyond its legal authority by imposing a three-year time limit on an exemption, reaffirming a key precedent on regulatory overreach.
The Tribunal finds the FSCA acted beyond its legal authority by imposing a three-year time limit on an exemption, reaffirming a key precedent on regulatory overreach.
The exemption waives the requirement for known-in-advance rates, letting money market portfolios invest in Zaronia-linked overnight placements.
In response to industry calls, the Authority has drafted an exemption from the section 14(1) process for retail retirement funds.
The Authority has withdrawn the temporary exemption for retirement fund transfers, signalling the full implementation of updated regulatory requirements.
It says the Competition Commission’s ruling hampers access to affordable private healthcare and contradicts recommendations from the Health Market Inquiry.
The FST orders the FSCA to reconsider key decisions regarding the Municipal Employees Pension Fund, saying the regulator overstepped its authority.
The exemption will apply pending the finalisation of the consultation process on the draft amendments to Conduct Standard 1.
Commentators did not raise any significant concerns in their responses to the draft conditions, the FSCA says.
If a fund cannot follow the standard allocation methods, it must apply for FSCA approval to use an alternative, reasonable method.
Among other things, funds will have to show that participating in the two-pot system will negatively impact members’ benefits.
Microinsurers are no longer restricted to imposing a waiting period of three months for a death, disability, or health event resulting from natural causes.
The FSCA wants to know whether applicants are compliant with the Financial Intelligence Centre Act.
FSCA implements notice exempting funds from certain qualifying criteria in Board Notice 75.
An independent intermediary must be authorised by the insurer to engage in ‘direct collection of premium’ activities.
The exemption does away with the R50 000 average-benefit-per-member threshold and caps the membership threshold at 100.
Which entities are included in the FSCA’s declaration, the transitional arrangements, and the conditions attached to the exemptions.
The exemptions apply to crypto FSPs, their key individuals and representatives, and crypto asset supervised representatives
Notifications