COMPLY WITH DIRECTIVE 7 BY FRIDAY OR FACE THE CONSEQUENCES, SAYS FIC

Accountable institutions that ignore Directive 7 and fail to submit a risk and compliance return (RCR) by Friday face being sanctioned by the Financial Intelligence Centre (FIC).

Another FSP targeted in an impersonation scam on social media

The FSCA says it is investigating various entities because of concerns that they may be offering unauthorised investments.

Urgent need to close regulatory gaps in over-the-counter markets, says FSCA

National Treasury will introduce the COFI Bill ‘very soon’ and amend the Financial Markets Act to tighten regulation of the country’s financial markets.

FSCA publishes extensive draft Conduct Standard for CIS managers

Implementing the draft Conduct Standard will have cost implications for CIS managers – some of which may be substantial, particularly for smaller managers.

Two pots: MPs envisage staggered implementation

The finance committee’s decision seems, in part, to be based on the assumption that some fund administrators will be ready to ‘go live’ on 1 March next year.

Second take: Joint Standard on IT governance and risk management

Law firm Clyde & Co summarises the key implications of the Joint Standard for financial institutions.

Tribunal considers the FSCA’s powers when exempting a retirement fund from a valuation

Is the FSCA obliged to grant an exemption if a fund has met all the conditions set out in Board Notice 59 of 2014?

Joint Standard on how financial institutions should manage their IT risks

Financial institutions are expected to implement IT controls that are commensurate with their risk appetite, based on the nature and size of an institution’s operations.

Supreme Court of Appeal dismisses challenge to the procedural fairness of sections of the FSR Act

It was argued that the Act does not require the FSCA to invite submissions before deciding whether a person has contravened a financial sector law.

Time is running out to apply for a crypto asset licence

One can continue to render crypto asset financial services if the application is submitted by 30 November.

‘Due care and diligence’ at the centre of BHI Trust probe – FSCA

The FSCA’s investigation into FSPs who might have suggested the trust to their clients aims to assess whether these providers took into account suitability and risk factors.

Complaints lodged against BHI Trust date back six years

A formal FSCA investigation into BHI Trust in 2020 found that several financial sector laws had been contravened.

Financial Intelligence Centre ‘freezes’ BHI Trust bank account

The court-appointed joint provisional trustees of BHI Trust are urging investors and creditors to submit their claim forms timeously.

Fraudsters impersonating INN8 Invest on WhatsApp

Legitimate fund managers do not promise to double your money in 24 hours.

BHI Trust: the walls start tumbling down

The FSCA says its investigation into BHI Trust will include regulated entities that may have promoted the collective investment scheme’s products.

S&P Global in SA contravened requirements to disclose withdrawal of a credit rating

The contravention came to light during an on-site inspection by the FSCA.

FSCA to verify information about the significant owners of FSPs, CIS managers

The fingerprints of affected individuals may be taken to check information such as their qualifications and criminal records.