November/December 2023 Legislative Update The Reserve Bank decided to leave interest rates unchanged during November, just in time for Black Friday, and it will no doubt be welcomed by hard-pressed consumers leading up to the festive season. But, just before you run off to the beach, bush, berg, or abroad, take a few minutes to…
What a weekend! We’re still reeling from the fantastic Rugby World Cup final. It was an amazing performance by the Springboks to take the cup. Now that’s done, we realise that there are only six weeks left of 2023. Time to get some work done so you can take a proper break! THE FINANCIAL SECTOR…
We’re halfway through the Rugby World Cup and it’s proving to be every bit as exciting as everyone had hoped! It seems even our regulators are also rivetted to their screens as not much has happened over the past month. Nonetheless, we’ve worked through everything and have (as usual) summarised the important issues in the…
“Spring has sprung, the grass is ris, I wonder where the birdies is, The bird is on the wing, But that’s absurd, The wing is on the bird!” – Anon We trust you’re enjoying the glorious weather, and also hope that you manage to get some work done during the Rugby World Cup tournament! THE…
The end of winter is in sight; as is the end of the year! That means that the regulators are preparing to release an array of new and amended legislation in the next few months. THE FINANCIAL SECTOR CONDUCT AUTHORITY (FSCA) Three-year regulation plan The FSCA released its next three-year regulation plan on 5 July 2023.…
We’ve passed the southern hemisphere winter solstice, so it’s not long until everyone starts planning their December break. There will be plenty to do for the next half of the year, so we recommend you get it done before it becomes urgent. THE FINANCIAL SECTOR CONDUCT AUTHORITY (FSCA) Crypto-Asset Service Provider (CASP) applications A reminder…
We’re sure you’ve completed your continuous professional development (CPD) within good time this year. Remember that you can get hours for reading this Legislative Update if you sign up at AC Develop! (https://www.acdevelop.training/App/ACDLogin.html) The most important reminder this month is for financial service providers that have a February year-end to ensure that their financial statements…
The topic that has most people talking this month (other than what type of back-up energy solution they’re installing) is the release of the FSCA’s Transformation Strategy – which has less to do with the FSCA and more to do with the financial services industry. Read on… And don’t forget to complete your CPD! THE…
Autumn is definitely in the air, which usually means that the legislative environment is fairly settled, and we should be assessing our progress in meeting any new requirements or running projects. However, this year is proving to be challenging; what with South Africa’s grey listing, declining economic performance, loadshedding, and now international bank failures –…
This month’s Legislative Update starts on a bad note, as the Financial Action Task Force (FATF) has grey listed South Africa. The national budget was also announced last week, which will keep most of us busy for a while as it gets unpacked. We’re glad to see that there are incentives (although small) to install…