Thursday briefing: a round-up of recent financial services news
FNB to expand adviser network | Extending mortgages to fund solar unwise | Bank staff sentenced for fraud | ANC-EFF coalition ‘worries investors’
JSE
Sarb has been planning for a possible total grid failure since 2015
‘An orderly’ closing and reopening of markets may be required.
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.
Short-term insurer OUTsurance lists on the JSE
Final chapter in RMI’s transition from an investor in a portfolio of financial services businesses.
Trustco takes the JSE to the tribunal for a second time
Meanwhile, the High Court dismisses Trustco’s bid to have the FST’s November 2021 decision reviewed and set aside.
Amendments could result in companies moving their primary listing, says JSE
The proposed “beneficial owner” disclosure and reporting requirements for listed companies could result in companies moving their primary listing from South Africa to other jurisdictions, the JSE has told the National Assembly’s Standing […]
JSE gets the green light to list actively managed ETFs
The FSCA has approved amendments to the JSE’s Listings Requirements to enable the listing of actively managed exchange-traded funds (ETFs). The approval was published in the Government Gazette on 9 September, and the […]
New accountable institutions will be given time to bed down Fica compliance
The Financial Intelligence Centre (FIC) will work with entities that become accountable institutions in terms of the amendments to the Financial Intelligence Centre Act (Fica), to help them bed down compliance with the […]
JSE fines former Steinhoff CFO a total of R2 million
The JSE has disqualified Steinhoff’s former chief financial officer, Ben la Grange, from acting as a company director for 10 years and fined him a total of R2 million. La Grange served as […]
Arresting the delisting trend is a top priority, says JSE
The JSE is considering a range of measures to address the trend of delistings from the market, including simplifying the financial disclosure requirements. At the exchange’s 2022 annual general meeting last week, Chris […]
Bid to have JSE reconsider decision not to cancel R6m share trade ‘error’ fails
The Financial Services Tribunal has dismissed an application, with costs, by Overanet Investments to have the JSE reconsider its decision to refuse to cancel a share trade that, Overanet alleged, was entered into […]
January market wrap: a volatile start to the year
The MSCI World Index had its worst start to the year since 2016, falling 5.3% month-on-month, as concerns over spiralling inflation and higher interest rates, and the tensions between Russia and Nato over […]
SA equity market has its best year since 2009
Financial markets were buoyed in 2021 by an easing of Covid-19-related restrictions, an ultra-accommodative monetary and fiscal policy stance and a rebounding jobs market, Momentum’s Herman van Papendorp, the head of investment research […]
Tribunal upholds JSE directive that Trustco must restate its financial results
The Financial Services Tribunal has upheld the JSE’s directive that Namibia-based Trustco must restate its financial statements for the year to 31 March 2019 and its interim results to 30 September 2019, because […]
Tribunal upholds JSE directive that Trustco must restate its financial results
The Financial Services Tribunal has upheld the JSE’s directive that Namibia-based Trustco must restate its financial statements for the year to 31 March 2019 and its interim results to 30 September 2019, because […]
No in-fund fees to June 2022 on Satrix’s new broad-market ETF
Investors who invest in Satrix’s Capped All Share ETF, which is due to list on the JSE on 10 November, will pay no in-fund fees until the end of May next year. The […]
Allan Gray answers the 5 key questions financial advisers and clients are asking
In Allan Gray’s latest Quarterly Commentary, Tamryn Lamb, Allan Gray’s head of retail distribution, distilled some of the points discussed at the asset manager’s 2021 Investment Summit to answer the five key questions […]
