Tag Archives | Exemptions


Keeping it simple is the solution

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 industry at the beginning of this century, which led to the raft of legislation currently governing how we do business. Prior to […]

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Proposed exemptions to tackle complications under the Fit and Proper requirements

In 2017, new classes and sub-classes of insurance business were introduced through the Insurance Act, 2017 (Act No. 18 of 2017). Subsequently, the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) was amended to ensure alignment between the subcategories of financial products contained in the Fit and […]

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Accounting standard exemptions for managers and auditors of collective investment schemes

The FSCA has published a draft general exemption that proposes to exempt managers and auditors of collective investment schemes (CIS) and its portfolios from those parts of section 74(1) (a) and (2) (c) of CISCA, which determines the accounting standard to be applied by managers and auditors of CIS portfolio’s as per the specific accounting […]

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FICA Exemption

The Financial Intelligence Centre published Public Compliance Communication (PCC) 29 to provide guidance on the application of Exemption 4 of the FIC Act which provides for the reliance by one accountable institution (the secondary accountable institution) on the identification, verification and certain record keeping requirements required by the FIC Act by another accountable institution (the […]

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