– New faces and new powers In Afrikaans there is a saying:“nuwe besems vee skoon” – “new brooms sweep clean” which implies that new employees often bring change or renewal to business. Is this the case with the appointment of the FSCA’s new Divisional Executive for Investigations and Enforcement? Mr Brandon Topham joined the FSCA […]
– Timely warning to industry about new advertising regulations Section 106(a) of the Collective Investment Schemes Act No.45 of 2002 states: No person may make a statement or disseminate information which he or she knows, or ought reasonably to know, is false or misleading or is likely or intended to – a) Induce other persons […]
The FSCA recently announced the following executive appointments with effect from 1 February 2019: Ms Felicity Mabaso has been appointed as the Divisional Executive for licensing and the business centre. Mr Brandon Topham joins the FSCA as Divisional Executive for investigations and Enforcement. Mr Jabulane Hlalethoa has been appointed as Divisional Executive for the FSCA corporate centre, […]
The FAIS Act and other legislation prescribe a number of requirements that individuals who provide financial advice must adhere to. Throughout your career you are reminded of these deadlines. The successful completion of the regulatory exam and the annual deadline to adhere to CPD requirements, are only two of these requirements. Failure to comply with […]
A recent Financial Services Tribunal decision showcases the Tribunal’s powers in terms of section 234 of the FSRA. “Section 234(1)(a) of the FSRA 4 circumscribes the powers of the Tribunal with respect to the decisions of the Authority. The Tribunal can either set aside the decision and remit the matter back to the Authority for […]
Regulatory changes have a huge impact on the content of the Regulatory Exams. The latest FSCA FAIS Notice that comes into effect on 1 February 2019 is no exception. Candidates need to take careful note of the following: Candidate 1: “I am writing my RE1 or RE5 exam on or before 31 January 2019”. The Preparation Guide, Version 14 […]
This is the time of year when a vitamin B jab becomes obligatory if you want to make it to the festive season. To make matters worse, the burden of budgeting for 2019 also starts rearing its unwelcome head. A recent consultation paper, published by the FSCA, contains some very relevant issues which may have […]
The FSCA has published the 2018 levy notice. Category I or IV FSP (a) A base amount of R3 373; and (2017: R3 182) (b) KI/Rep x R538 (2017: R508) Category I or IV FSP (1.1 and/or 1.19 only) (a) A base amount of R3 373; and (2017: R3 182) (b) KI/Rep x R250 (2017: R250) Category […]
The May edition of the FSCA FAIS Newsletter contains a summary of events since the publication of Board Notice 194 of 2017 (the “Fit and Proper” Board Notice) which came into effect on 1 April 2018 and impacted on the RE 1 and RE 5 regulatory exams. The “Fit and Proper” Board Notice contains amended qualifying criteria for these […]
The Financial Sector Conduct Authority (Authority) intends to replace the current compliance reports with the proposed Conduct of Business Report (COBR) that was published for public comment on the official web site of the FSCA. The proposed COBR was necessitated by the changing regulatory landscape and the focus on outcomes based regulation and proactive supervision. […]
