In general notice 1350 of 2022, effective as of 19 October 2022, the FSCA has formally declared a crypto asset as a financial product under the Financial Advisory and Intermediary Services Act, 2002.
The declaration marks the first step in crypto asset regulation, in South Africa, and follows a draft declaration published in 2020
In January 2019, Norton Rose Fulbright published ‘Ten things to know’ about insurance regulation in 20 Asia Pacific countries. The guide is hosted on our free subscription premium content site, the Institute, as an interactive map featuring the 20 jurisdictions.
It covers the following countries for those interested in investing or doing business with
The UK House of Commons Treasury select committee has produced a report criticising the EU Solvency II Directive and its impact on the UK insurance industry.
Solvency II is a European directive but the UK Prudential Regulation Authority was criticised for having too much regard to the industry’s solvency rather than its competitiveness in the
Mobile payment services are typically the transfer of funds or payments using mobile devices that do not rely on traditional banking or payment services. Customers use an “open-loop” system to spend the value they have deposited into their mobile money account at service providers, transfer it to someone else or withdraw the value as cash
In the first formal step toward hedge fund regulation in South Africa, National Treasury has published a s63 declaration under the Collective Investment Schemes Control Act, 2002 (CISCA). Investment funds conducting the business of a hedge fund will, from 1 April 2015, become collective investment schemes (CIS) and will be regulated by CISCA. Hedge funds
Increasing enforcement of anti-bribery and corruption regulations and an increased focus on compliance have made a pre-acquisition compliance due diligence a common feature of cross-border M&A transactions in Africa and elsewhere. Many experienced transaction attorneys and dealmakers will be aware of the limits of even the most thorough due diligence. This has led to concerns
1. The Governance and Risk Management Framework takes effect on 1 April 2015.
2. A governance framework must be adopted by insurers to ensure the prudent management and oversight of their insurance business.
The governance framework must be proportionate to the nature, scale and complexity of the insurer’s business.
The governance framework applies to both
Our popular multinational Financial services: Regulation tomorrow blog offers a convenient worldwide resource for those keeping track of the evolving and complex financial services regulatory environment.
It reports on a broad range of financial services regulatory developments and provides insight and commentary across Australia, Canada, the UK/EU and the United States.
The blog also features
The courts have again emphasised that where a regulatory body is established by legislation with powers to regulate (e.g. the Financial Services Board), their decision to make regulations is an administrative decision that can be challenged in court.
Where the regulations are irrational, unconstitutional or contrary to law or made without proper public consultation they
On 1 February 2013, the Financial Regulatory Reform Steering Committee published “Implementing a twin peaks model of financial regulation in South Africa” for public comment. This document sets out the proposed reforms to South Africa’s system of financial regulation. It proposes dividing the regulation of the financial sector into two bodies, the Prudential Authority, located