Tag archives: FSB

New Prudential Authority CEO: FSB now Conduct Authority

By Patrick Bracher (ZA) on April 9, 2018 Posted in General

The National Treasury has announced the appointment of Deputy Governor of the Reserve Bank, Kuben Naidoo, as the CEO of the Prudential Authority under the Financial Sector Regulation Act. The announcement also explains the process for appointing the Commissioner and Deputy Commissioner of the Financial Sector Conduct Authority. The FSB will ‘close down on 31 March … Continue reading

Asset management in South Africa – Ten things to know

By Shawn Barnett (ZA) on March 18, 2018 Posted in Banking

1. Licensing of asset managers South African asset managers must register as financial service providers (FSPs) with the Financial Services Board (FSB) under the Financial Advisory and Intermediary Services Act (FAIS). Any person carrying on asset management business in South Africa, or from abroad directed at South African clients, whether in a discretionary or non-discretionary capacity … Continue reading

Proceedings before enforcement committee under Security Services Act apply civil standard of proof

By Patrick Bracher (ZA) on October 11, 2017 Posted in General

The appellants in Pather v Financial Services Board failed in the suggestion that claims against it of contravention of the Security Services Act 2004 should have been proved by the enforcement committee according to the criminal standard, namely beyond reasonable doubt. The court held that the civil standard applies and that the proceedings and penalty … Continue reading

Twin Peaks signed into law

By Desiree Reddy (ZA) and Sascha Graham on August 23, 2017 Posted in General

The Financial Sector Regulation Bill was signed into law by President Zuma on 21 August 2017. The commencement dates for the new Financial Sector Regulation Act (FSR Act) are not yet known. The act provides the architecture for the new ‘twin peaks’ method of regulation to be adopted across the South African financial services industry, … Continue reading

Will we get reciprocal reinsurance arrangements?

By Patrick Bracher (ZA) on January 25, 2017 Posted in Insurance

The FSB’s Reinsurance Regulatory Review Position Paper in September 2016 sketches a reinsurance regime by which foreign reinsurers wishing to reinsure South African risks will have to register as a licensed branch in South Africa unless the foreign reinsurer is regulated by a country with an equivalent regulatory framework according to the FSB. Presumably the … Continue reading

FSB can’t challenge the decision of appeal board

By Michelle David on April 4, 2016 Posted in General

The appeal board established under the Financial Services Board Act overturned a decision made under section 14 of the Pension Fund Act by the Registrar of Pension Funds to permit a transfer of business by a pension fund. The court held that the registrar does not have legal standing to take the appeal board decision on … Continue reading