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Compliance News

ASIC has banned Kimberley Holgate, of Wagga Wagga, NSW, from providing financial services for five years.

Ms Holgate was an authorised representative of Commonwealth Financial Planning Limited (CFPL) from January 2014 to October 2015.   more  >>

Amogelang Mbatha, Moneyweb

South Africa’s Companies and Intellectual Property Commission laid criminal charges against the local units of audit firm KPMG, management consultants McKinsey & Co and software giant SAP.   more  >>

Access is restricted to logged-in subscribers - click to log in  Unlocking the POPI-code [18-Jan-2018]

Catherine Berry, Camargue

The Protection of Personal Information (POPI) Act, seeks to regulate every aspect of the processing of personal information, as well as to promote transparency regarding the collection and processing of such information.

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Access is restricted to logged-in subscribers - click to log in  The fight against cybercrime [18-Jan-2018]

Myra Knoesen, FA News

Business models and the way we conduct business have changed. This means that the risks of potential cyber-attacks also increase with the advancement of technology.   more  >>

The bank arranger of a $650m Islamic bond financing deal has been found negligent for failing to ensure that a promissory note, used as security, was properly signed. According to a report on the Out-Law.com site, the High Court ruled that BNP Paribas owed a duty to investors to take reasonable care that the note had been properly executed...   more  >>

Out-Law.com

The UK's Financial Conduct Authority (FCA) has "serious concerns" over the way in which 'contracts for difference' (CFDs) are being promoted and sold to unsophisticated investors, which it has warned have the potential to cause "significant consumer harm".   more  >>

Angus McFadyen and Luke Scanlon are experts in financial services and technology law at Pinsent Masons, the law firm behind Out-Law.com

An increasing number of fintech companies going global and emerging innovation in payment services are among the trends that are likely to arise in the financial technology (fintech) market in 2018.   more  >>

IBT, Doug Morgan

The past few years have been challenging times for the compliance teams of financial firms and 2018 will be no different – if anything, the pace of evolution is set to accelerate on a number fronts.

From input gathered from clients and other industry contacts, Cordium has pulled together a list of the ten trends that investment firms should be most focused on in 2018 and beyond.
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Moonstone

A recent case before the FSB Appeal Board saw the period of debarment halved which is an interesting deviation from previous views held by the Board on its powers to interfere in decisions by the Registrar.

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Nqobile Dludla, Reuters

A South African market regulator said on Friday it was reviewing volatile trading activity sparked by market speculation that a research group would release a negative report on a listed firm.

The regulator confirmed in an e-mailed response to questions that it was reviewing unusual activity in Aspen Pharmacare, whose shares plunged 10% on Tuesday prompting it to say it was aware of speculation New York-based Viceroy Research would release damaging information about the company.
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FCA

The Financial Conduct Authority (FCA) has today published a list of 94 firms without FCA authorisation that it understands to be offering binary options trading to UK consumers.
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Money Marketing, Richard Rattue from Compli-Serve SA

According to my records, this is now my 10th year of dispensing my top compliance tips for the coming year. After due deliberation, I once again lay them out below. As with the previous years, they are in no particular order of importance and the lawyers have reminded me to make sure that I tell you that my tips come with NO implied warranties and following them will not absolve you or make you immune from client complaints and/or regulatory sanctions; however, I can say that by taking my tips to heart and acting thereupon, it should reduce the compliance risk in your business, so here goes.   more  >>

Phish Me/ My Broadband

The recent release by PhishMe, the leading provider of human phishing defence solutions, of its South Africa Phishing Response Trends Report shows some startling findings in terms of security incidents stemming from deceptive e-mails.

According to the report, some 90 percent of respondents have dealt with security incidents originating from deceptive e-mails, and yet more than half of the respondents do not possess the right tools and processes to effectively mitigate such threats.
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Errata (v 2) to Final Position Paper 61 (v 5).pdf
Position Paper 78 (v 7.2).pdf
Errata to Final Position Papers 62 (v5) and 108 (v4) Simplifications for Short Contract Boundaries.pdf
SAM CPR Risk Free Rates and Equity Symmetric Adjustment.zip
FSB Policy Steer on Financial Soundness Standards.pdf
  more  >>

Finextra

I would take the analogy of the advent of cars, trains or airplanes, in the times when people used horse carriages, horses or bullock carts. What was the advantage of a motor car or the train? Well, it reduced the time of travel, brought efficiency in terms of speed, reliability and saved valuable hours. So did the creation of an airplane, which made traveling across the globe a viable and easier options for the masses. If we look at the AI and machine learning today, it seems that it is no different from graduating from the horse driven carriage to a car.   more  >>

National Treasury

President Zuma assented to the Taxation Laws Amendment Act (TLAA) in December 2017.

The Tax Administration Laws Amendment Act (TALAA) was also signed.

The main tax proposals contained in the TLAA are:

• A levy on bargaining councils to address non-compliance;
• A higher fringe benefit exemption for bursaries to learners with disabilities;
• Removing the foreign employment income tax exemption in respect of South African residents;...   more  >>

FCA

•Dear CEO letter: Providers and distributors of CFD products
•latest information on FCA and ESMA's work in relation to the sale of CFDs and binary options to retail clients
•Consultation Paper (CP16/40)
•Dear CEO letter: Client take-on
•our future focus
•investor information
  more  >>

Corruption, Crime & Compliance, Michael Volkov

Companies are starting to embrace ethics and compliance as a positive force to build sustainable financial growth – which is the true calling of a robust ethics and compliance program. I could easily build a positive posting on this trend and call it a day. But that is not the real story, and my predictions will outline some significant concerns in this new world of ethics and compliance.   more  >>

Nasdaq

Western Union Co. WU will be paying $60 million on account of lapses in compliance programs during 2004-2012 period. Earlier, the world's leading money transfer company accrued $49 million toward resolution of this matter   more  >>

Finance Feeds

When it comes to money laundering, Singapore’s laws do not make any distinction between transactions effected using fiat currency, virtual currency or other ways of transmitting value, Singapore’s Deputy Prime Minister says.

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Structures replacing the now defunct Counter Money Laundering Advisory Council have yet to be established, according to Finance Minister Malusi Gigaba [10-Jan-2018]

LegalBrief reports that the structures replacing the now defunct Counter Money Laundering Advisory Council have not yet been established, this according to Finance Minister Malusi Gigaba. In his written reply (Parliamentary Monitoring Group) to a question posed last November by the DA’s David Maynier...   more  >>

ASIC

ASIC has permanently banned Mr David Mario Alafaci, of Morphett Vale, South Australia from providing financial services on the basis that he is not of good fame or character.   more  >>

LegalBrief

The Department of Labour yesterday urged employers to file 2017 employment equity reports before next week’s deadline. ‘All employers will have until next Monday, 15 January, to file their employment equity (EE) online reports in line with legislation,’ said spokesperson Mokgadi Pela.   more  >>

The Payments Association of South Africa (PASA) is under pressure to ramp up a new debit order system to meet the South African Reserve Bank’s (SARB's) deadline of February 2019, writes Fin 24.   more  >>

IOL Business Report

Getting charged for opting out of an insurance spam will soon become a thing of the past following new rules passed by The Financial Services Board (FSB).

The new rules will now allow you to opt out of insurance marketing SMSs for free, which will come into effect in July, later this year.
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Euromoney, Louise Bowman

The demands of post-crisis regulation mean that banks need to take a more flexible approach to the compliance function.
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There are plenty of important changes/revisions to the draft Fit and Proper Requirements. Over the next couple of weeks Compli-Serve will be releasing a further series of Quick Tips to equip FSPs to handle the impending change.

Actually not in place yet as the general implementation date is 1 April 2018 with some useful variable implementation dates.

Implementation of these revised Fit and Proper requirements will be quite a lot more tricky for FSPs and the key individuals who must manage and oversee their reps.

All, FSPs; Key Individuals; Representatives and Compliance Officers (plus our esteemed analysts at the FSB) will need some hand-holding to get this right!

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Compli-Serve to release more quick tips to provide clarity on new fit & proper requirements in January 2018 [9-Jan-2018]

Following a 12-month public consultation process, amended long and short-term insurance conduct regulations and replacement long and short-term policyholder protection rules came into effect on 1 January. Among other things, they are expected to: improve the services offered by advisers and other intermediaries; curtail ‘consumer abuse in the consumer credit insurance market’; improve claims and complaints management; ensure that consumers are aware of available ombud services; and curb misleading advertising.   more  >>