FSCA provisionally withdraws Prosper’s licence following its liquidation
Authority also pulls the licence of Stringfellow Financial Services.
FSCA
Monday briefing: a round-up of recent financial services news
FSCA’s risk-based approach | Medical scheme in liquidation | CIPC to collect beneficial ownership info | SA ties with Russia ‘a risk’
Keenan Ebden fined R1m and debarred for 15 years
More than 600 investors lost their money – some exceeding R1 million each.
FSCA, Reserve Bank say they will step up their anti-money laundering efforts
Accountable institutions are expected to fulfil their compliance obligations
FSCA sets out how intermediaries may be paid for RA fund transfers
Final version of guidance notice on intermediary remuneration published.
Reminder: conduct standard on retirement fund contributions is now in effect
Conduct Standard 1 of 2022 aims to help eradicate non-payment of retirement fund contributions by employers.
Investigation into N-e-FG Administrators is ‘at an advanced stage’
FSCA has taken steps after considering the statutory manager’s report.
FSCA finally pulls the plug on alternative stock exchange
Following ‘prolonged non-compliance’ with the liquidity and capital adequacy requirements.
Balloting exemption when CIS portfolios are amalgamated now in effect
FSCA says giving investors in a targeted portfolio an opportunity to object will not effectively nullify the exemption.
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.
Easier winding-up process for retirement funds that decide to go into liquidation
FSCA implements notice exempting funds from certain qualifying criteria in Board Notice 75.
FSCA fines Globex for unauthorised ODP activities
The contraventions were a result of a misinterpretation of the legal position.
FSCA grants another extension for exemption on payment for collecting premiums
An independent intermediary must be authorised by the insurer to engage in ‘direct collection of premium’ activities.
Changes to process for considering section 14 transfer applications
FSCA says enhancements to the online submission process will result in faster turnaround times.
Limits to FAIS Ombud’s jurisdiction over crypto complaints
A complaint must be about crypto advice and services rendered from 19 October 2022.
Small FSPs concerned about cost implications of proposed cybersecurity joint standard
Regulators say the revised version takes these concerns into account.
Regulators are turning up the heat on Markus Jooste
JSE imposes fines totalling R15 million and bars Steinhoff’s former chief executive from holding office as a director.
