The South African Reserve Bank (SARB) has published two papers on the findings and recommendations of work streams established by the market practitioners’ group to inform SA’s interest rate benchmark reform process. CompliNEWS contributor Pam Saxby reports that one paper focuses on unsecured reference rates; the other on risk-free reference ...

Comment is sought by 21 September 2020 on proposed amendments to signing conventions prescribed in the code of professional conduct for registered auditors. CompliNEWS contributor Pam Saxby reports that, according to an explanatory memorandum of the amendments envisaged (and included as part of a composite document), once finalised they will ...

The 2020 Disaster Management Tax Relief Administration Bill has been amended to extend by one month the period during which tax compliant small-to-medium-sized businesses may defer 35% of payments due to the South African Revenue Service (SARS) in respect of employee PAYE deductions. CompliNEWS contributor Pam Saxby reports that the ...

The Financial Sector Conduct Authority (FSCA) warns the public not to deal with an individual named Mark Hopkins operating on Instagram claiming to be associated with Pro Global Forex (Pty) Ltd (Pro Global), an authorised Financial Services Provider (FSP No 33691).

The FSCA was informed that Mark Hopkins is using ...

The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with RSA Search (Pty) Ltd (RSA Search) and Mr Bennie Otto (Mr Otto). The FSCA suspects RSA Search and Mr Otto of conducting unauthorised financial services business and breaching various financial sector laws, including unlawfully ...

After a combined seven years of service at the Financial Sector Conduct Authority (FSCA) (having joined the Financial Services Board in 2013) Caroline da Silva, Divisional Executive of Regulatory Policy, has resigned with effect from 31 October 2020. At this stage Caroline has no plans on the next chapter ...

Sugar producer Tongaat Hulett has accepted a R118.34m fine from the Financial Sector Conduct Authority (FSCA) for publishing misrepresented financial results over a six-year period, says a BusinessLIVE report. Tongaat will pay only a R20m fine, with the FSCA noting that the sugar producer had co-operated fully with its ...

By Shamaa Sheik

The following matter was heard in the Financial Services Tribunal on 25 August 2020:

• Workforce Group (Pty) Ltd (Applicant) and NR Motene (1st Respondent); Pension Fund Adjudicator (2nd Respondent); Transport Sector Retirement Fund (3rd Respondent – (case number: PFA 35/2020)

Fast facts

• Pension Funds Act – ...

Legalbrief Today Issue 5005

Consumer Goods and Services Ombudsman Magauta Mphahlele’s office experienced a surge in consumer complaints which were mostly resolved in favour of consumers over the past financial year. A report on the IoL site notes this was according to the ombudsman’s annual report for 2019/20 released this week ...

Alleged pyramid scheme operator, Up Money, has taken its fight to continue running its grocery stokvel to the Gauteng High Court (Johannesburg), asking that a preservation order on its assets be rescinded. The company’s director Jude Matsimela says he is ‘...entitled to reasonable living and legal expenses’. An investigation ...

SA’s largest data breach has now been contained, says credit bureau Experian, which handed over the personal details of some 24m people to an individual it now calls a fraudster, notes a Business Insider report. However, notes the report, it is still not clear what happened between the end of ...

A total of £30,857,329 has been reportedly lost to pension scammers since 2017 according to complaints filed with Action Fraud, says the UK's Financial Conduct Authority and The Pensions Regulator.

Scammers targeted pension pots big and small, with reported losses ranging from under £1,000 to as ...

The Australian Securities & Investments Commission (ASIC) has this week released guidance to assist innovative financial businesses test their products and services under the Government’s enhanced regulatory sandbox (ERS), scheduled to commence on 1 September 2020.

The Government’s enhanced regulatory sandbox is a class waiver from licensing for certain financial services ...

Norton Rose Fulbright

An American court has confirmed that government shutdown orders did not constitute ‘direct physical loss’ that would trigger an indemnity under the commercial insurance held by a group of restaurants (in Rose’s 1 LLC et al v Erie Insurance Exchange).

The court said that:

• insurance policies are ...

Employers are under increased pressure to ensure that their workers are operating under conditions of safety and protection. According to an article by BizCommunity companies are required to ensure their strict compliance with the various acts and COVID-19 regulations, including the Occupational Health and Safety Act, Labour Act, Consumer Protection ...

Legalbrief Today Issue 5006

The Covid-19 pandemic has affected employees and employers negatively with serious economic strain on both parties. ‘The issue at hand is the unilateral decision-making by employers in changing employment conditions or retrenching without following the proper procedures as per SA employment law.’ Employers need to follow ...

The Moonstone Examination Body has announced that it has resumed with its regulatory examinations at all four of its permanent examination centres (JHB, PTA, DBN and Cape Town), as well as satellite venues under strict guidelines, ending months of closure because of the coronavirus pandemic.

As the health and safety of our attendees ...

By Lee Rossini

Following lockdown and the need to refocus energy and attention on getting businesses up and running effectively again, it is easy to lose sight of the investing trends that are emerging. On Day 1 of the 'Virtual Meet the Managers 2020 Conference', the environmental, social and governance ...