Tag archives: FSCA

Amendments to the Financial Sector Regulations published

Photo of Ntokozo NgubanePhoto of Michelle DavidBy Ntokozo Ngubane and Michelle David on Posted in General
The Minister of Finance, has published amendments to the Financial Sector Regulations under Gazette 43581 intended to simplify the process of appointing the Commissioner and Deputy Commissioner of the Financial Sector Conduct Authority (FSCA). The amendments provide that: The Minister must re-appoint a shortlisting panel (two panellists being the Deputy Govrnor of the South African … Continue reading

FSCA clamps down on FICA non-compliance

Photo of Desiree Reddy (ZA)By Desiree Reddy (ZA) on Posted in Banking
Financial services providers (FSPs) registered under the Financial Advisory and Intermediary Services Act 2002 fall within the ambit of ‘accountable institutions’ under the Financial Intelligence Centre Act 2001. As accountable institutions, these FSPs are obliged to comply with the FIC Act and are subject to oversight by the FSCA. The FSCA has recently investigated compliance with … Continue reading

Progressive changes for the retirement fund industry in FSCA draft Conduct Standards

Photo of Amina YudaBy Amina Yuda on Posted in General
On 8 June 2020, the Financial Sector Conduct Authority published three draft conduct standards for public comment to be made by 31 July 2020. The purpose of the draft conduct standards is to regulate the: conditions for living annuities in an annuity strategy; communication of benefit projections to members of pension funds; and conditions for … Continue reading

FSCA publishes two drafts: conduct standard and directive for securities exchanges

Photo of Desiree Reddy (ZA)By Desiree Reddy (ZA) on Posted in Banking
On 20 May 2020, the Financial Sector Conduct Authority (FSCA) published a draft Conduct Standard for Exchanges and a draft Directive for Exchanges. Conduct Standard for Securities Exchanges The main objective of the proposed conduct standard is to introduce requirements for the conduct of securities exchanges in response to increased competition in the South African … Continue reading

FSCA relaxes reporting requirement in response to COVID-19

Photo of Desiree Reddy (ZA)By Desiree Reddy (ZA) on Posted in General
On 24 March 2020, in recognition of the impact of the current COVID-19 pandemic on the financial services industry, the FSCA released general communication 9 of 2020 which sets out relaxations of regulatory requirements. In summary, the FSCA has granted: Financial services providers A four month extension for the submission of some financial statements (not … Continue reading

Draft Conduct Standard for Banks published

Photo of Desiree Reddy (ZA)Photo of Amina YudaBy Desiree Reddy (ZA) and Amina Yuda on Posted in Banking
The Financial Sector Conduct Authority (FSCA) has published a Draft Conduct Standard for Banks, under section 106(2)(b) of the Financial Sector Regulation Act 2017 (FSRA). The draft Conduct Standard applies to banks, mutual banks, co-operative banks, branches of foreign banks and representative offices of foreign banks (banks) and will apply in addition to any other … Continue reading
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