ConCourt judgment in Capitec vs SARS clarifies important VAT principles

The decision addresses the recovery of VAT on payments made under loan cover provided free of charge.

Financial services provider slapped with R400 000 fine for FICA violations

Implementing – not merely creating – a Risk Management and Compliance Programme is crucial to ensure compliance with the Act.

FSCA welcomes decision to uphold revised R20m fine on Markus Jooste

‘Conduct of this kind undermines public confidence in financial markets and leads the general public to believe that the system is rigged and unfair,’ Tribunal says.

Tribunal rules on Brite’s application to reconsider R10m fine and licence withdrawal

Did the FSCA’s regulatory reach extended to UK pension funds and structures, held offshore, and permitted and regulated by UK and European Union law?

Department of Justice fined R5m for non-compliance with Popia

This should serve as a warning to all organisations to get their proverbial data protection house in order, says law firm.

FSCA fines forex trader R100 000 for breaking ODP regulations

The Authority takes regulatory action against JP Markets again.

FSCA imposes R2.5m fine for unauthorised derivatives trading

About R1 million in investors’ funds was misappropriated.

Keenan Ebden fined R1m and debarred for 15 years

More than 600 investors lost their money – some exceeding R1 million each.

Key individual asks for R500k fine and five-year debarment to be reconsidered

Applicant argues that non-compliance is not a contravention when the law does not provide for a penalty.

FSCA fines Globex for unauthorised ODP activities

The contraventions were a result of a misinterpretation of the legal position.

FSCA has another go at fining Markus Jooste

This is a year after the Financial Services Tribunal set aside the Authority’s penalty of almost R162 million.

Tribunal rules on Viceroy’s application against R50m penalty for Capitec report

Can the FSCA fine persons not domiciled within the jurisdiction of South Africa’s courts?

FSP fined R50 000 for publishing incorrect information

The FSCA this week announced it has fined KEB Prosperity (Pty) Ltd R50 000 for contravening the FAIS Act for three months of last year. In a statement, the Authority said an investigation found […]

JSE fines former Steinhoff CFO a total of R2 million

The JSE has disqualified Steinhoff’s former chief financial officer, Ben la Grange, from acting as a company director for 10 years and fined him a total of R2 million. La Grange served as […]

Nedbank: Fica non-compliance was due to delays in promulgating amendments

Nedbank has blamed delays in the promulgation of amendments to the Financial Intelligence Centre Act (Fica) for the effective fine of R20 million and other administrative sanctions imposed by the Prudential Authority (PA) […]

German financial regulator fines Steinhoff R192m

Germany’s financial supervisory authority has fined Steinhoff International Holdings a total of €11.29 million (about R192m) for breaching financial regulations. The multinational retailer has a primary listing on the Frankfurt Stock Exchange and […]

FSCA fines Poneso Consulting and Poneso Employee Benefits

The FSCA announced this week that it has imposed a fine of R200 000 on Poneso Employee Benefits and Actuarial Consultants (Pty) Ltd and Poneso Consulting (Pty) Ltd for contravening a provision of the […]