(Click here for part 1)
Joint Standard 1 of 2020 and the Financial Sector Regulation Act, 2017 (FSRA) prescribe wide ranging obligations for significant owners, but certain persons are exempt. Financial Sector Conduct Authority (FSCA) General Notice 3 of 2020 exempts the following persons from the requirements of the Joint Standard probably because these entities
The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) Joint Standard 1 of 2020 sets out the requirements on fitness, propriety and other matters relating to significant owners of financial institutions and the financial institutions themselves. It is worth reminding ourselves of the requirements.
Prudent business management of financial institutions is dependent on
In recognition of the increase in the adoption of digital channels by financial consumers, in late 2021 the FSCA published a Digital Banking Research Report on the state of digital banking activities in South Africa. The term “digital banking” refers to the digitisation of traditional banking services in order to more efficiently deliver financial services
In a welcomed development, the Financial Sector Conduct Authority has established a YouTube channel (https://m.youtube.com/channel/UCh3dQcOQAzdptNTKFQvB7HQ/about). The channel is a useful resource and provides valuable insight as to the FSCA’s stance on certain issues. Check out their latest videos:
How to establish a FAIS compliance function: https://www.youtube.com/watch?v=QlnMYmwlj1Y
How the FSCA complies to PAIA: https://youtu.be/TdUUOEckfB0
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
The Financial Services Tribunal held, in May 2021, that a manager of a foreign collective investment scheme is not to be made subject to the limitations applied to a manager in terms of the Collective Investment Schemes Act of 2002 (CISCA), where an application is made to the Financial Sector Conduct Authority (FSCA) for permission
On 17 March 2021, the Financial Services Tribunal confirmed that failure to timeously submit an actuarial valuation can result in the imposition of administrative penalties on a pension fund. The Financial Sector Conduct Authority (“FSCA”) may take into consideration the number of days that the pension fund was late in submitting the actuarial valuation when
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:
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
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: