In order for a representative to be debarred, there must be non-compliance by the representative or the key individual of the financial services provider with, amongst other things, the “fit and proper” requirements of the FAIS Act. The fit and proper requirements are measured against a number of categories including those of personal character qualities … Continue reading
This blog was co-authored by Shawn Barnett, Director and Hishaam Khan, Candidate Attorney On 20 October 2021 the Supreme Court of Appeal upheld the appeal of JP Markets (Pty) Limited against an order of the High Court which placed it in liquidation. The SCA found that it was not just and equitable to place JP … Continue reading
In a draft declaration issued on 20 November 2020, the FSCA proposed to include crypto assets as a category of financial product under the Financial Advisory and Intermediary Services Act, 2002 (“FAIS”). We wrote about this previously, here. Speaking to the draft declaration in a September 2021 media briefing, Ms Olaotse Matshane, Chairperson of the … Continue reading
This blog has been co-authored by: Hishaam Khan, candidate attorney While private equity funds are not regulated in South Africa, managers of such private equity funds are subject to the Financial Advisory and Intermediary Services Act (FAIS Act) and to the Financial Sector Conduct Authority (FSCA) in terms of the Financial Sector Regulation Act. Fund … Continue reading
In April 2021, the Supreme Court of Appeal dismissed the review of determinations made by the FAIS Ombud established in terms of the Financial Advisory and Intermediary Services Act of 2002 (FAIS Act). The SCA was called upon to decide whether the Ombud had committed a reviewable error in determining complaints lodged by the respondents. … Continue reading
Attempting to define Islamic financing is not always easy. Put simply, Islamic finance is a way of doing financial transactions and banking while respecting Islamic Law (Shari’ah). The underpinning principles of Shari’ah are based on social vision of public interest, equity, justice and fairness. Shari’ah gives guidance as to what is, and what is not … Continue reading