Tag Archives | Regulations


New POPIA regulations – Law firm sheds some light

The new regulations to the Protection of Personal Information Act have been published in December 2018. However, these Regulations will only come into effect on a date to be determined by the Information Regulator. The aim of the POPI Act is to protect consumers from harm by protecting their personal information. In terms of the POPI […]

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CMS Circular 18 of 2019: Status update on Demarcation Regulations and a Low-Cost Benefit Package

The current exemption of indemnity products that are doing the business of a medical scheme expires on 31 March 2019. Entities that were granted exemption on their indemnity products in 2017, should submit renewal applications, which will be evaluated on merit, to extend the exemption period to 31 March 2021. The Council for Medical Schemes (CMS) mentioned that details […]

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Proposed new FICA regulations – Changes to international and cash transactions

Changes to international and cash transactions National Treasury recently invited public comments on draft regulations on international financial transactions in terms of section 31, and amendment of regulations on cash transaction reporting and aggregation in terms of section 28 of the Financial Intelligence Centre Act 38 of 2001 (FIC Act). According to National Treasury, the proposed […]

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Default regulations for retirement funds – Applicable from 1 March 2019

The Minister of Finance issued the Default Regulations with effect from 1 September 2017. The Default Regulations prescribe conditions for default investment portfolios, default preservation and portability, and annuity strategies for funds. All new default arrangements that came into operation on or after 1 September 2017 must comply with the requirements set out in the Default Regulations. Existing default […]

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New Binder Fee Regulations Bring Consistency

An article in Moneyweb titled New insurance rules offer more protection, less bias discusses the introduction of a binder remuneration cap of 9% in amendments to the long- and short-term insurance regulations which became effective on 1 January 2018. “Binder holders are third parties, who act as “front faces” for insurers and perform specific functions related to […]

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Retirement Funds Default Regulations

The latest ASISA Dispatches comments as follows: The final regulations were issued by the Minister of Finance on 25 August 2017. The effective date is 1 September 2017 with 18 months being afforded for existing default arrangements to comply. Unfortunately, the regulations failed to provide a lead-in period for existing funds that do not currently have default arrangements. ASISA raised […]

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New Credit Life Insurance Regulations from 10 August

Registered credit providers should note that the long-anticipated credit life insurance regulations will come into effect on 10 August 2017 (“Commencement Date”). On 9 February 2017, the Minister of Trade and Industry, Dr Rob Davies, published the final credit life insurance regulations under Government Gazette Notice No 103, in the Government Gazette No 40606 of 2017(“Regulations”). The Regulations will only […]

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Imminent changes to tax-free savings regulations

The National Treasury will shortly publish final amendments to tax free savings accounts regulations for the year beginning 1 March 2017. The amendments will include: The process for transfers clarify the policy position on performance fees in underlying funds give guidance on the adequate and consistent disclosure of returns to fixed deposit tax free savings accounts include […]

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Draft Demarcation Regulations tabled in Parliament

On Friday, 28 October 2016, draft Demarcation Regulations were published on which types of contracts are regulated under the LTIA and STIA as health policies and accident and health policies, and accordingly excluded from the Medical Schemes Act, No. 131 of 1998 (MSA), despite such contracts meeting the definition of the business of a medical scheme. […]

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