Tag: Financial Advisory and Intermediary Services (FAIS)
COFI market conduct rules – what financial advisers must know
The soon-to-be-enacted Conduct of Financial Institutions (COFI) Bill is the next step in South Africa’s outcomes-based, principles-led market conduct regulation. Once effective, the Act will consolidate conduct-related provisions from multiple financial services sector laws into a single framework.
Court upholds exceptions
A few years ago, several well-known short-term insurance companies took legal action against an intermediary company due to the damages they incurred as a result of the intermediary's collapse. The intermediary, presently in liquidation, was responsible for the collecting and accounting of premiums owed to the insurers.
A checklist for SA fintech companies preparing to take wing
A growing number of South African fintech companies have developed market-ready products and are considering how to expand beyond the relatively small domestic arena. In doing so, they face a list of new issues. These include how to raise funds for growth, how bringing in international funding will affect their local Broad-Based Black Economic Empowerment (B-BBEE) status, and how they will be affected by changing regulations in the pipeline.
SARB announces intention to declare cryptocurrency as a financial product
The South African Reserve Bank (SARB) recently announced their intention to declare cryptocurrency as a financial product, which is in line with current worldwide trends as well as the Financial Sector Conduct Authority (FSCA) which published a draft declaration of crypto assets as financial products in 2020.
Will POPIA kill the life blood of the financial services industry?
The Protection of Personal Information Act (POPIA) will protect South Africans’ constitutional right to privacy. This includes a requirement for lawful justification to exist before a data subject’s personal information (PI) may be processed.
Crypto regulation in South Africa – there’s a new sheriff in...
The new regulations proposed by the South African Government will lead to greater regulatory oversight and control in the crypto asset sector and will spell bad news for non-compliant operators. It has long been clear that regulation in South Africa was inevitable, regardless of this being contradictory to the philosophy of most of those involved in the crypto asset sector.
