The Financial Sector Regulation Bill was signed into law by President Zuma on 21 August 2017. The commencement dates for the new Financial Sector Regulation Act (FSR Act) are not yet known. The act provides the architecture for the new ‘twin peaks’ method of regulation to be adopted across the South African financial services industry, and is … Continue Reading
Since July 2015, when draft amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (Draft Regulations) were published in the Canada Gazette, the industry has been expecting changes to aspects of the current AML/TF regime, particularly with respect to customer identification. After a lengthy delay, caused at least in part by the … Continue Reading
An agreement has been reached between the justice department and national treasury regarding the salary grading for the South African Information Regulator. The nomination process in the Protection of Personal Information Act, 2013 (POPI) for appointment of the Regulator will soon be initiated. Section 41 requires a multi-party committee of the National Assembly to assist … Continue Reading
Public bodies performing administration functions such as the SA Pharmacy Council must give rational reasons for their decisions and have a factual basis for making the decision. Even a body with statutory powers to generally “do all such things as the Council deems necessary or expedient to achieve the objects of this Act” does not … Continue Reading
The Australian Securities & Investments Commission (ASIC) has continued its campaign for improved disclosure by insurers and their agents – this time in the motor vehicle insurance sphere. On 26 February 2015, ASIC published a report that examines the operation of no-claims discount (NCD) schemes for motor vehicle insurance and concluded that the schemes do not … Continue Reading
The Murray Inquiry’s Final Report strongly endorsed facilitating innovation in the financial services industry and technology neutral approach to regulation of financial services providers. The Report recommends the establishment of a permanent public–private sector collaborative committee, the ‘Innovation Collaboration’, to facilitate financial system innovation. This is similar to the ‘Innovation Hub’ initiative by the UK’s … Continue Reading
Regulators around the world have made clear their view that responsibility for the culture of a bank sits at the top; if senior management creates the right culture, good regulatory practice and procedures will naturally follow. Following the financial crisis, the senior management of banks has come under increasing regulatory scrutiny and, in some jurisdictions, … Continue Reading
ASIC, which is Australia’s corporate, markets and financial services regulator, has over the last six months achieved a bumper 256 enforcement outcomes designed to protect consumers and enhance the fairness and efficiency of the financial markets. These enforcement outcomes included criminal, civil and administrative actions in addition to negotiated outcomes such as enforceable undertakings. While … Continue Reading
