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Compliance News

FSB

The Registrar of Financial Services Providers (“the Registrar”) instructed an inspection into the affairs of JVN Asset Management (Pty) Ltd (“JVN”) FSP 45923. The FSB obtained a search and seizure warrant that was executed on 20 June 2017 at JVN’s offices in Johannesburg and an investigation proceeded.   more  >>

LegalBrief

Despite concerns raised by organised labour and business that the National Assembly’s Trade and Industry Committee may not have met the process requirements of the National Economic Development and Labour Council (Nedlac) Act regarding consultation on the draft National Credit Amendment Bill, members were assured at yesterday’s meeting that this is not the case.   more  >>

International Adviser

Australia’s five largest banking and financial services institutions have paid a further A$21.4m in compensation to customers who suffered losses because of “non-compliant conduct” by financial advisers, taking the total to A$51.4m (£29m, $41m, €33m). More claims are expected.   more  >>

Michael Volkov

The Justice Department announced a guilty plea by a subsidiary of Rabobank, a Dutch global bank, to a conspiracy to violate money laundering laws and obstruct a regulatory investigation of Rabobank’s activities in California.   more  >>

FCA

The Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC) have signed an arrangement that commits the regulators to collaborating and supporting innovative firms through each other’s financial technology (FinTech) initiatives – LabCFTC(link is external) and FCA Innovate.   more  >>

FCA

The Financial Conduct Authority (FCA) has today announced that it is seeking views on how technology can make it easier for firms to meet their regulatory reporting requirements and improve the quality of the information they provide.   more  >>

BBC News

Betting firm William Hill has been hit with a £6.2m penalty package for breaching anti-money-laundering and social responsibility regulations.

The Gambling Commission said the company did not do enough to ensure prevention measures were effective.

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LegalBrief

The long-awaited National Health Insurance (NHI) Bill is before a Cabinet sub-committee, which a Business Day report notes is a vital step before it can be signed off by the full Cabinet and tabled in Parliament.
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Access is restricted to logged-in subscribers - click to log in  GDPR vs POPIA [19-Feb-2018]

IT Web

The General Data Protection Regulation (GDPR) is the most important change in data privacy regulation in the past 20 years and it becomes enforceable on 25 May 2018 after a two-year transition period, replacing the EU Data Protection Directive.   more  >>

Moonstone

The Latest Determination of Fit and Proper requirements refers to three types of training under the competence requirements. A look at the definitions will help readers distinguish more clearly what impacts on them, and what not. I underlined what I regard as important aspects of the definitions.   more  >>

Moonstone

The FSB has indicated that they are looking at revising Board Notice 104 (the Supervision Board Notice)...   more  >>

Ethan Pitts, Camargue Underwriting Managers

The year 2017 was a horrendous one in terms of the number and scale of widely publicised data breaches; the ramifications of which will be felt by the affected companies and persons for years to come. A magnitude of attacks rocked the world over the last twelve months, including an array of new ones which have become infamous due to the extent of their destruction. A few of these include, but are not limited to, the following: WannaCry, Petya, Not-Petya, the Equifax breach, Verizon and NSA breaches...   more  >>

SEC

The Securities and Exchange Commission today suspended trading in three companies amid questions surrounding similar statements they made about the acquisition of cryptocurrency and blockchain technology-related assets.


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FINRA

The Financial Industry Regulatory Authority (FINRA) today issued an Investor Alert warning investors to beware of financial scams in which con artists are posing as regulators to make fraudulent investment pitches.   more  >>

Capitec has thrown its doors open, inviting US-based short seller Viceroy to inspect the bank's business operations after its latest allegations, says a Fin24 report.   more  >>

Access is restricted to logged-in subscribers - click to log in  More B-BBEE Commission MOUs [16-Feb-2018]

LegalBrief

The Broad-Based Black Economic Empowerment Commission has entered into memoranda of understanding with the Commission for Employment Equity, the Companies and Intellectual Property Commission (CIPC), the South African National Accreditation System, and the National Gambling Board.   more  >>

FSB website will be down from 17.00 on Friday, 16th February until 17.00 on sunday, the18th February 2018 [16-Feb-2018]

Patrick Bracher, Norton Rose

A sole shareholder and director who had dominant influence over the affairs of the plaintiff company acted fraudulently and paid out the company’s money from its bank accounts for his own personal benefit.


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SA News

The Reserve Bank has established a programme that will assess the emergence of technologies applied to financial services.

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SEC

The Securities and Exchange Commission today announced the opening of registration for its compliance outreach program’s national seminar for investment companies and investment advisers. The event is intended to help Chief Compliance Officers (CCOs) and other senior personnel at investment companies and investment advisory firms to enhance their compliance programs for the protection of investors.   more  >>

Rob Everett, Chief Executive, FMA

Conduct Outcomes Report 2017
Cryptocurrencies
Digital advice


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FSB

The purpose of this information circular is to provide information and clarity in respect of the version update of the regulatory examinations insofar as the following two examinations are concerned:

„h RE1: Regulatory Examination: FSPs and Key Individuals in all categories of FSPs
„h RE5: Regulatory Examination: Representatives in all categories of FSPs

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LegalBrief

Despite his claim that he didn’t fear a vote of no confidence or impeachment, the threat of a humiliating, perhaps unanimous, vote of no confidence in his presidency, scheduled for today if he had decided to cling to office, was what finally forced Jacob Zuma to resign as President late last night, notes Legalbrief.   more  >>

LegalBrief

A group of about 200 brokers is in the process of instituting legal action against the board members of Nova Property Group, its auditors BDO and other stakeholders. Moneyweb says it has been aware of the pending legal action by the group, who previously sold Sharemax syndication products to clients.   more  >>

Formal complaints about unsolicited marketing calls or messages will not be dealt with until 2019. Information Regulator chairperson, Advocate Pansy Tlakula, said they aim to be fully operational in the first half of next year with about 100 personnel to handle complaints about direct marketing, according to a TimesLIVE report.   more  >>

LegalBrief

A Department of Justice and Constitutional Development presentation on the draft National Credit Amendment Bill has provided more insight into the thinking behind concerns expressed on Tuesday about ‘the severity’ of penalties mooted in the proposed new piece of legislation. // A Department of Justice and Constitutional Development presentation on the draft National Credit Amendment Bill has provided more insight into the thinking behind concerns expressed on Tuesday about ‘the severity’ of penalties mooted in the proposed new piece of legislation.   more  >>