Unpacking the proposed regulatory exemptions for crypto FSPs
The exemptions apply to crypto FSPs, their key individuals and representatives, and crypto asset supervised representatives
exemption
‘Honesty and integrity’ requirement now applies to the significant owners of FSPs
The publication of the final amendments to Joint Standard 1 of 2020 by the FSCA means that the significant owners of FSPs must now comply with the honesty and integrity requirement from which […]
FSCA extends professional indemnity and fidelity insurance exemptions
The FSCA last week published two notices relating to the guarantee, professional indemnity (PI) and fidelity insurance (FI) exemptions granted to certain types of FSPs. The FSCA has once again extended, to 31 […]
FSCA wants ‘honesty and integrity’ Joint Standard to apply to the significant owners of FSPs
The FSCA is proposing that significant owners of FSPs become subject to the honesty and integrity requirements of Joint Standard 1 of 2020, saying the amendment is required urgently to prevent South Africa […]
FSCA proposes to ease requirements for CIS portfolio amalgamations
The FSCA has published a draft notice setting out the conditions under which collective investment scheme (CIS) managers will be exempt from some of the requirements of the Collective Investment Schemes Control Act […]
Cash-strapped FSP gets no relief from the tribunal
The Financial Services Tribunal has declined an FSP’s request for reconsideration of the FSCA’s refusal to exempt him from the Fit and Proper Requirements on the grounds of financial hardship. In 2020, George […]
FSCA to exempt non-life brokers from clawbacks when a policy is voided because of non-disclosure
The FSCA has proposed amending the Short-term Insurance Act regulations to exempt independent intermediaries from commission clawbacks when a policy is voided because of material misrepresentation or non-disclosure by the policyholder. Regulation 5.4 […]
No more ‘double dipping’ when ceasing tax residency
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. […]
FSCA – Various Exemption Extensions
On 26 February 2021, the Financial Sector Conduct Authority (FSCA) released the following three FAIS Notices: 1. FSCA FAIS Notice 15 of 2021 – Exemption of Juristic Representatives from section 13(1)(c) of the […]
FSCA – Various Exemption Extensions
On 26 February 2021, the Financial Sector Conduct Authority (FSCA) released the following three FAIS Notices: 1. FSCA FAIS Notice 15 of 2021 – Exemption of Juristic Representatives from section 13(1)(c) of the […]
Low Cost Benefit Options exemption – Council for Medical Schemes update
Towards the end of 2019, the Council for Medical Schemes (CMS) published two circulars announcing its future plans for Low Cost Benefit Options (LCBO) and the Demarcation Exemption Framework. The timing and one-sidedness […]
Microinsurers – Proposed exemption for Credit Life
The FSCA has published the draft exemption for Microinsurers offering Credit Life from Rule 2A.10.1 of the Policyholder Protection Rules which states “A microinsurance policy or a funeral policy may not prescribe that a […]
Microinsurers – Proposed exemption for Credit Life
The FSCA has published the draft exemption for Microinsurers offering Credit Life from Rule 2A.10.1 of the Policyholder Protection Rules which states “A microinsurance policy or a funeral policy may not prescribe that a […]
FSRA Exemption Notice 1 of 2019 (LTIA) – Certain insurers exempted from Rule 19
The FSCA has just released the FSRA Exemption Notice 1 of 2019 (LTIA). According to the notice an insurer that offers assistance policies, funeral policies or micro-insurance policies is exempted, in terms of […]
CPD – two month exemption to comply
Last week the FSCA published the Exemption from Continuous Professional Development Requirements, 2019 – No 2 of 2019 on its website. The purpose of the Exemption is to allow financial services providers, key individuals and representatives […]
FSCA denied application for exemption – Was it justified?
In a recent Financial Tribunal case, the applicant, a sole proprietor and key individual of a brokerage, lodged an appeal for reconsideration of an FSCA decision in October 2018 to decline his application […]
FSCA denied application for exemption – Was it justified?
In a recent Financial Tribunal case, the applicant, a sole proprietor and key individual of a brokerage, lodged an appeal for reconsideration of an FSCA decision in October 2018 to decline his application […]
