Consumers must be aware of the high risks of online trading, says FAIS Ombud
The Ombud was unable to help a complainant who lost most of the R725 000 he invested over several months.
The applicant only became aware in May last year that the decision to debar her constituted administrative action.
Read moreThe Ombud was unable to help a complainant who lost most of the R725 000 he invested over several months.
The Authority also alerts the public to an unauthorised entity that is promising unrealistic returns from forex trading.
Numerous individuals have been subpoenaed to appear before the Master of the High Court, to be questioned about the affairs of the sequestrated trust.
The Authority has noted the industry’s feedback, but Moonstone’s main concern with the first version of the return remains.
The Minister of Finance responds to the Standing Committee on Finance’s call for the implementation date to be moved to 1 March next year.
The FSCA says the study will bolster its grasp on crypto asset activities, enabling the Authority to fine-tune its oversight and licensing strategies.
Some 20% of the applications received by the end of October were withdrawn for various reasons.
The FSCA says it is investigating various entities because of concerns that they may be offering unauthorised investments.
National Treasury will introduce the COFI Bill ‘very soon’ and amend the Financial Markets Act to tighten regulation of the country’s financial markets.
Implementing the draft Conduct Standard will have cost implications for CIS managers – some of which may be substantial, particularly for smaller managers.
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.
Law firm Clyde & Co summarises the key implications of the Joint Standard for financial institutions.
Is the FSCA obliged to grant an exemption if a fund has met all the conditions set out in Board Notice 59 of 2014?
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.
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.
One can continue to render crypto asset financial services if the application is submitted by 30 November.