Tag archives: Regulations

Regulations for cryptocurrency promised by end of 2023

By Shawn Barnett (ZA) and Hishaam Khan on July 25, 2022 Posted in Finance

This article was co-authored by: Kristen de Wet, Candidate Attorney The deputy governor of the South African Reserve Bank (SARB) has confirmed that the trading of cryptocurrency in South Africa will be regulated within the next 12 to 18 months from 12 July 2022. The use of cryptocurrency in South Africa is prevalent and recent … Continue reading

FSCA takes first steps in the regulation of crypto assets

By Desiree Reddy (ZA) on November 25, 2020 Posted in Banking

On 20 November 2020, the Financial Sector Conduct Authority issued a draft Declaration of Crypto Assets as a Financial Product under the Financial Advisory and Intermediary Services Act 2002 (FAIS Act). The Declaration will be made in terms paragraph (h) of the definition of ‘financial product’ in the FAIS Act, which provides that a financial … Continue reading

Conduct of Financial Institutions

By Desiree Reddy (ZA) on October 1, 2020 Posted in General

On 28 September 2020, National Treasury released the second draft Bill regulating the conduct of Financial Institutions, for comment. The aim of the Bill is to impose conduct standards for financial institutions to protect financial customers. The Bill is the second peak of the Twin Peaks model and will require market conduct that emphasises the … Continue reading

High time for legislative change

By Candice Grieve and Andrew Keightley-Smith on August 25, 2020 Posted in General

Almost two years after the landmark Constitutional Court judgment legalising the private use of cannabis, the Bill regulating Cannabis for Private Purposes has been introduced. The Bill arrives just in time to meet the deadline set by the Constitutional Court in September 2018 and follows the trail blazed by other countries in legalising cannabis for … Continue reading

Amendments to the Financial Sector Regulations published

By Ntokozo Ngubane and Michelle David on August 18, 2020 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

Constitutionality of the public school four week break

By Thabang Dikgale and Christina Pretorius on August 3, 2020 Posted in General

Following the President’s address on 23 July 2020, the re-closing of public schools for four weeks has left most questioning why public schools are forced to take the four week break and private schools are not. Although grade 12’s will only be taking a week break and grade 7’s two weeks, this blog is focused … Continue reading

Financial Sector Laws Amendment Bill 2020 to go to Parliament

By Desiree Reddy (ZA) on June 17, 2020 Posted in Banking

During a virtual meeting held on 10 June 2020, Cabinet approved the Financial Sector Laws Amendment Bill of 2020, for submission to Parliament. In the first step to formalising a resolution process for financially distressed banks, the Bill proposes to designate the SARB as the Resolution Authority, and enhances the SARB’s regulatory tools for discharging … Continue reading

COVID-19: Is a government announcement law?

By Christina Pretorius and Susan Bisset on April 28, 2020 Posted in General

Since the declaration of a national state of disaster in response to the COVID-19 pandemic, South Africans have been presented almost daily with announcements, as well as regulations and directions issued in terms of the Disaster Management Act (DMA). Regulations and directions are formal law, but a regulator does not have the legal authority to … Continue reading

Update to Disaster Management Regulations (16 April 2020)

By Jackie Midlane and Raghemah Hendricks on April 17, 2020 Posted in General

The lockdown period has been extended to 30 April 2020. The Disaster Management Regulations related to COVID-19 therefore still apply, with some changes. The changes aim to manage the remainder of the lockdown and to enable a phased and controlled return to normal economic and social activity. Here are the main takeaways from the amended … Continue reading

FSCA relaxes reporting requirement in response to COVID-19

By Desiree Reddy (ZA) on March 25, 2020 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

Amendment to HPCSA Inquiry Regulations

By Yash Naidoo on February 5, 2020 Posted in General

The regulations relating to inquiries into alleged unprofessional conduct of healthcare practitioners registered with the Health Professions Council of South Africa (HPCSA) have been amended. Practitioners must ensure that their current and correct e-mail address is in the HPCSA’s records. Two of the three amendments bring the regulations up to speed with modern times. A … Continue reading

Buyer beware – new competition laws restricting dominant firm purchases

By Rosalind Lake (ZA) on February 14, 2019 Posted in General

The Competition Amendment Act was signed into law on 13 February 2019. The Act’s aim is to ‘open up new opportunities for many South Africans to enter various sectors of the economy and compete on an equal footing’. This sentiment is the spirit throughout the Act and the draft regulations that are undergoing an extensive … Continue reading

SARB intends to regulate crypto assets

By Lize Louw, Steve Chemaly and Desiree Reddy (ZA) on January 22, 2019 Posted in Banking

In mid-January 2019, the SARB published its Consultation Paper on Policy Proposals for Crypto Assets, amid a growing interest, investment and participation in crypto assets by financial institutions and individuals and an estimated market capitalisation of about US$200 billion for crypto assets globally. Crypto assets are digital representations or tokens that are accessed, verified, transacted … Continue reading

Conduct of Financial Institutions Bill published for comment

By Patrick Bracher (ZA) on December 12, 2018 Posted in General

In case you are wondering what your holiday reading is, the draft Conduct of Financial Institutions Bill has been published by the National Treasury for comment. Comments will be accepted until 1 April 2019. The suite of documents includes the Bill itself (188 pages), the COFI Bill Policy Paper (90 pages), and the Socio-Economic Assessment setting … Continue reading

Proposed changes to financial laws to deal with failing financial institutions

By Desiree Reddy (ZA) on October 2, 2018 Posted in Banking

The Draft Financial Sector Laws Amendment Bill has been published for comment. The Bill proposes amendments to various acts including the Insolvency Act, the South African Reserve Bank Act, the Banks Act, the Mutual Banks Act, the Competition Act, the Financial Markets Act and the Insurance Act – with a view to strengthening the ability of … Continue reading

Short-term Insurance Act 1998: Proposed amendments to the regulations made under section 70 affecting premium collection

By Patrick Bracher (ZA) on March 26, 2018 Posted in Insurance

New draft premium collection legislation The National Treasury has published draft regulations for comment by 23 April 2018 regarding the collection of premiums by intermediaries (short-term and long-term premiums). The draft regulations require detailed premium collection authorisations by insurers to intermediaries. The proposed regulations also require a separate bank account for premiums received and require payment … Continue reading

Amended long-term insurance regulations

By Patrick Bracher (ZA) and Claudia Eisenberg Jackson on January 11, 2018 Posted in Insurance

The amendments to the Long-term Insurance Regulations gazetted on 15 December 2017 became effective on 1 January 2018 with some later effective dates below. The corresponding amendments to section 49 of the Long-term Insurance Act 1998 (LTIA) also take effect on 1 January 2018. The changes to the Long-term Insurance Act Regulations include changes to the remuneration and practices … Continue reading

Amended short-term insurance regulations

By Patrick Bracher (ZA) and Claudia Eisenberg Jackson on January 11, 2018 Posted in Insurance

The amendments to the Short-term Insurance Regulations gazetted on 15 December 2017 became effective on 1 January 2018 with some later effective dates below. Corresponding amendments required to the Short-term Insurance Act 1998 (STIA) also take effect on 1 January 2018. The majority of the changes to the Short-term Insurance Act Regulations relate to the circumstances in which … Continue reading

Medicines Control Council, not the courts, must classify medicines and medical devices

By Justin Malherbe (ZA) and Jarrett Whitehead on February 9, 2017 Posted in General

In December 2016 the Pretoria High Court ruled that one cannot avoid regulatory oversight by the Medicines Control Council (MCC) by declaring that a health-related product is a medical device and not a medicine. That is a determination which the MCC must make. In Omegalabs (Pty) Ltd v The Medicines Control Council and Others, the … Continue reading

Office of Health Standards Compliance procedural regulations in force

By Jarrett Whitehead and Justin Malherbe (ZA) on November 1, 2016 Posted in General

The ‘Procedural regulations pertaining to the functioning of the office of health standards compliance and handling of complaints by the ombud’ (the procedural regulations) were brought into force on 13 October 2016. The Office of Health Standards Compliance (The OHSC), was established by the National Health Act. It is responsible for the monitoring and enforcement … Continue reading

Members of Information Regulator for POPI voted by Parliament

By Nerushka Bowan on September 8, 2016 Posted in General

On Wednesday, 7 September 2016, the National Assembly approved the nomination of advocate Pansy Tlakula as the Chairperson of the Information Regulator for the Protection of Personal Information Act 2013 (POPI). Four other appointments that were approved – full-time members Advocate Lebogang Stroom and Johannes Weapond; and part-time members Professor Tana Pistorius and Sizwe Snail. … Continue reading

Is Bitcoin legal?

By Kerri Gevers (SG) on July 26, 2016 Posted in General

Because of the anonymity associated with Bitcoin and many other cryptocurrencies and their role in illicit transactions on the Dark Net (a hidden part of the internet that is not accessible through normal browsers and search engines), public perception is often suspicious or at least cautious. However, the use of Bitcoin and other cryptocurrencies is … Continue reading

Don’t use regulations to interpret an act

By Patrick Bracher (ZA) on April 12, 2016 Posted in General

In two recent cases the Supreme Court of Appeal pointed out that it is generally impermissible to use regulations created by a Minister as an aid to interpret an act passed by Parliament, even if the act includes the regulations. Even a specific provision in a regulation cannot override a general provision in a statute … Continue reading

Challenge to regulations and other regulatory action

By Patrick Bracher (ZA) on March 14, 2016 Posted in Insurance

We have been reminded again that regulations that are unreasonable and irrational can be challenged under the Promotion of Administrative Justice Act (PAJA). Regulations are made under empowering provisions in the governing law, have a direct external legal effect on the parties they apply to, and adversely affect the rights of persons in the industry … Continue reading