You’re probably reading this while winding up your business activities for 2022 and planning for 2023. It’s that time of year, and we hope you’re in the right frame of mind. We usually hold on to our last update to try to cram in all the changes the regulators release at the end of the…
Wait, what? It’s almost the end of the year! We’ve gone from sitting at home endlessly to wandering around with no masks, and have nearly forgotten what sanitiser is! Don’t let your compliance guard down, though. The regulators are renowned for getting things done during November and December, so expect some further changes to the…
Given the numerous and endless problems with Eskom, we’re sure you had no choice but to celebrate National Braai Day this month. (Maybe that was the plan with this bout of loadshedding.) We hope you’ve made a plan to keep your lights on – so that you can keep up to date with the latest…
August 2022 Legislative Update On 1 September it will be three years since Omega Compliance Solutions was born. We and our clients have endured some tough times and have all grown considerably along the way. Thank you for being part of our journey! THE FINANCIAL SECTOR CONDUCT AUTHORITY (THE FSCA) Fit and Proper Exemption for…
A lot has happened this month. Happy reading! THE FINANCIAL SECTOR CONDUCT AUTHORITY (THE FSCA) FSCA Regulation Plan The FSCA issued its three-year Regulation Plan on 1 July. Its stated regulatory framework focus areas are: conduct, integrity and efficiency of financial markets, and the cross-cutting sector developments. These plans rely on the release of the Conduct…
June 2022 Legislative Update “There’s gold in them thar hills!” is not a South African phrase. It’s not even what Mark Twain actually wrote, but Yosemite Sam says it a lot! It’s one we should be cognisant of when considering our business options. In an economy still heavily reliant on the production and export of…
May 2022 Legislative Update It has been a slow month in terms of legislative changes. We’ll keep you informed on anything new, but it seems a good time get into those projects you’ve been planning since January. THE FINANCIAL SECTOR CONDUCT AUTHORITY (THE FSCA) Warnings on crypto traders The FSCA released two warnings regarding entities…
April 2022 Legislative Update There’s a lot coming out from the Financial Intelligence Centre (FIC) at the moment. It has even roped in the Prudential Authority (PA) and the Financial Sector Conduct Authority (the FSCA) to resolve issues in that poor report from the Financial Action Task Force (FATF). Let’s hope it’s effective. The delay…
March 2022 Legislative Update There’s a lot of compliance planning and preparation underway for the financial services industry at the moment. We’ve summarised this months’ most important issues. South African regulation of crypto assets As long ago as January 2019, the South African financial services regulators (i.e. the Financial Sector Conduct Authority, South Africa Revenue Services…
February 2022 Legislative Update As we marvelled at the date pattern on 22 02 2022 (better at 20:22 that evening) some of those more community minded were contemplating the life and message of the late Archbishop Emeritus Desmond Tutu. Let’s hope peaceful and reasonable voices like his will be heard in the unfolding Russia-Ukraine conflict.…