One of the respects in which the National Credit Act (the NCA) has created confusion relates to the obligation to register as a credit provider. Section 40(1) of the NCA provides that a person must apply to be registered as a credit provider if the total principal debt owed to that credit provider under all outstanding credit agreements exceeds the prescribed threshold - which has been nil since 11 May 2016, and prior to that was R500,000.
Focused on meeting the financial needs of the most vulnerable citizens in society, financial inclusion is recognised across the globe as a critical component to economic development and advancement.
Fraud is not new or unusual. But with the evolution of technology, its definition has changed. Fraud is no longer just about misappropriated money. It now includes HR fraud, IP and data theft, and a new category defined by PwC as ‘business misconduct’ – when companies intentionally deceive the market or the general public.
Small and innovative renewable energy projects battle to raise funds through formal channels. One possible solution is to reach out to communities with an interest in those projects to help fund them through crowdfunding initiatives.
The SA REIT (Real Estate Investment Trust) sector has published a draft second edition to its best practice recommendations for public comment. The SA REIT Best Practice Recommendations (BPR) was first published by the SA REIT Association in 2016 to make financial reporting of South African REITs more transparent and improve comparability.
As South Africa enters an election year, the issue of black ownership continues to be a dominant aspect within the country’s transformation landscape. This was clearly articulated in the ANC 2019 election manifesto address by president Cyril Ramaphosa when he reaffirmed government’s commitment to working with the financial sector to increase industrial and enterprise financing for black industrialists as well as small businesses and cooperatives.
2018 was a watershed year in many respects for private equity in Africa. In the wake of the Abraaj collapse and other market fluctuations, we will in 2019 likely see significant shifts in the industry, with key changes to all stakeholders’ strategies expected to emerge.
The deadline for accountable institutions to meet the amendments of the Financial Intelligence Centre Act, No. 38 of 2001, as amended by the Financial Intelligence Centre Amendment Act, Act 1 of 2017 (FICA) legislation, which was introduced to counteract money laundering and the financing of terrorism, is fast approaching on April 2, 2019.
The draft Conduct of Financial Institutions Bill was recently published. Once enacted, the CoFI Bill may become one of the first pieces of legislation that explicitly seeks to develop fintech regulation in South Africa.