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Tag Archives | FSCA

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Crowd1 – FSCA issues warning

In a recent media release the Financial Sector Conduct Authority (FSCA) warns the public against Crowd1, an entity which is not authorised to render the financial services it is providing. “Crowd1 is neither an authorised Financial Service Provider (FSP), nor is it a representative of an authorised FSP. There is also no record of this […]

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money-market

Business Interruption Insurance – FSCA cracks the whip

FSCA Communication 34 of 2020 contains details of the Regulator’s views on the contentious issue of business interruption (BI) insurance in the wake of Covid-19. In virtually all cases, insurers denied liability. In response to a multitude of complaints from policyholders, the FSCA requested details of the various policy wordings, and published Communication 34 to provide […]

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financialcrisis

Proposed levies on Financial Institutions – FSCA requests comments

The FSCA has called for input by 31 July 2020 on proposed levies for the 2020/21 financial year to be imposed on several affected institutions. This includes: ● pension funds, their administrators and adjudicators; ● retirement annuity funds; ● friendly societies; ● short-term insurers and Lloyd’s underwriters; ● long-term insurers; ● collective investment schemes in securities, property, […]

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financial-advice

Joint Standard 2 of 2020 – Margin Requirements for non-centrally cleared OTC derivative transactions

The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA), acting with the concurrence of the South African Reserve Bank, recently published a Joint Standard which prescribes margin requirements for non-centrally cleared OTC derivative transactions. The Joint Standard applies to a provider entering into non-centrally cleared OTC derivative transactions with a counterparty or a […]

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coronas

FSCA Expectations of CIS managers during COVID-19

The FSCA published Communication 23 of 2020 (CIS) recently to acknowledge the impact of the COVID-19 global pandemic on collective investment schemes and their investors. The focus of the communication is specifically to outline certain expectations of the FSCA regarding the duties of managers of collective investment schemes and their responsibility to ensure that all […]

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FSCA General Notice 2 of 2020 – Extension of deadline for statutory returns amended

The FSCA has withdrawn their General Notice 1 of 2020 on the extension period for compliance with various requirements related to the submission of statutory returns for 2020, and substituted it with General Notice 2 of 2020. The Notice only amended paragraph 5 to correctly reflect the financial year-end dates and came into operation on 21 April 2020.

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forex

FSCA warns against forex trading platforms – Promises of income streams during COVID-19 lockdown might be unrealistic

The FSCA warns the public against doing any financial-related business with forex trading platforms that promise an income stream during the COVID-19 lockdown. In a media release, the FSCA mentions that they were alerted that some forex trading platforms are telling the public that risks associated with forex trading are quite low and that people […]

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