Compli-News Targeted Compliance Approved CPD Provider Compli-Serve » View Compli-Serve site

Compliance News

LegalBrief reports that the Reserve Bank is meeting representatives of SA’s banks today to raise concerns over possible negative consequences should auditing firm KPMG be forced to close its doors over the SARS scandal, notes a Business Day report.   more  >>

LegalBrief

Cosatu is pushing for the state’s National Health Insurance plan to be implemented‚ but not every union is happy about workers losing medical aid subsidies of between R1 000 and R3 000 a month.   more  >>

Information Regulator chairperson Pansy Tlakula warned businesses against using dubious means to access personal information of South Africans when pursuing clients or selling goods and services. One of the regulator’s priorities was to outline a standard code of practice for call centres and telemarketing groups.   more  >>

A discussion document proposing options for reforming financial sector dispute resolution mechanisms was released yesterday for comment [21-Sep-2017]

LegalBrief

A discussion document proposing options for reforming financial sector dispute resolution mechanisms was released yesterday for comment. According to an accompanying media statement, three options are mooted: ‘enhancing the (existing) hybrid model of statutory and industry ombuds’; ‘moving toward a centralised model, establishing a single statutory ombud scheme’; and ‘moving toward exclusively industry-established ombuds, overseen by the Ombud Council’.   more  >>

The Independent Regulatory Board for Auditors (IRBA) has hit out at reports that the South African Institute of Chartered Accountants (SAICA) intends to launch an independent inquiry into embattled auditing firm KPMG’s conduct, saying it has no legal mandate to do so.
  more  >>

Access is restricted to logged-in subscribers - click to log in  FAIS Ombud Actions Queried [21-Sep-2017]

Moonstone

Two issues in the recent Phoshera appeal again saw the Appeal Board ask questions about the FAIS Ombud’s decisions.

“This appeal is filled with procedural anomalies. First, there is the question of condonation for the late filing of the application for leave to appeal which had been granted by the Ombud, the late joinder of Auto & General subsequent to the Ombud's determination, the non-joinder of Compass as respondent and what now appears to be the non-filing of a cross-appeal by all respondents in respect of the condonation which they argue had been granted unprocedurally.”
  more  >>

Epic MSLGROUP

Few issues in central banking are more likely to provoke anxiety than the fear of losing control of one’s currency. Recent events have provided another perfect illustration of this point with the Chinese central bank banning initial coin offerings of bitcoin-based currencies.   more  >>

Moneyweb reports that Audit and advisory firm KPMG South Africa is in a fight for its life. JSE-listed companies that are externally audited by KPMG are weighing up whether to continue to do business with the firm after it revealed explosive findings from its internal probe.   more  >>

SEC

The US Securities and Exchange Commission last week charged the investment services subsidiary of SunTrust Banks with collecting more than $1.1 million in avoidable fees from clients by improperly recommending more expensive share classes of various mutual funds when cheaper shares of the same funds were available.

  more  >>

South Africans have declared almost R35bn worth of foreign assets under the government-initiated special voluntary disclosure programme (SVDP) that closed last month, according to Finance Minister Malusi Gigaba. He said that 2 002 SVDP applications were received by the cut-off date of 31 August 2017...   more  >>

ASISA

The Board of the Association for Savings and Investment South Africa (ASISA) has appointed Ian Kirk, Group Chief Executive of Sanlam, as its new Chairman and Thabo Khojane, Managing Director of Investec Asset Management, as the new deputy Chairman.   more  >>

News 24 writes that as global companies implicated in a graft scandal scramble to contain the damage to their reputations, politicians and law enforcement agencies are prevaricating and stalling official investigations.   more  >>

The FIC's Poovindree Naidoo presenting at Compli-Serve Workshop in Cape Town yesterday [19-Sep-2017]

FIC- It's all about the risk based approach to customer due diligence [19-Sep-2017]

Dr Des Leatt taking delegates through the revised Fit & Proper Reqs at the Compli-Serve Regulatory Workshop in Cape Town yesterday [19-Sep-2017]

LegalBrief

Economists have warned that the KPMG scandal will have huge implications, not only for the firm itself but for the finance industry, according to a report in The Mercury. Economist Dawie Roodt reportedly said the scandal was ‘up there’ with some of the biggest experienced in the finance sector in recent years.   more  >>

Moonstone

The Protection of Personal Information Act adds yet another obligation on businesses in the financial services sector.

Draft regulations, published on 8 September 2017, set out what will be required. Section 4 outlines the duties and responsibilities of information officers which companies will be obliged to appoint.
  more  >>

Access is restricted to logged-in subscribers - click to log in  Lapsing of a FAIS license [19-Sep-2017]

Moonstone

FAIS Newsletter 24 contains interesting information on matters concerning FSB licences.

Regarding the lapsing of a licence, Section 11 of the FAIS Act states that:


  more  >>

Standing Committee on Finance to Receive Report from IRBA on KPMG and Deloitte Investigations [19-Sep-2017]

New York Times, TARA SIEGEL BERNARD

Federal authorities have opened a criminal investigation into the massive data breach at Equifax, which potentially exposed the personal information of up to 143 million Americans, including their Social Security and driver’s license numbers.   more  >>

FCA

MiFID II applies from 3 January 2018, less than four months away. It widens the scope of MiFID by capturing some financial entities that did not previously require authorisation. Some firms who are already authorised may also need new authorisations or a Variation of Permission (VoP) to carry out activities from next year.   more  >>

This article was written by Farid Vij for Information Management and was licensed by Bloomberg.

With a rapidly changing regulatory environment driven by privacy concerns from major data breaches and a more scrutinizing focus on data protection, the EU’s General Data Privacy Regulation has become front and center for the enterprise. While most have focused on the regulation as it’s stated, one question remains the focus: what exactly, in reality, are the implications of GDPR? And how will they be enforced?

  more  >>

Barclays Senior Compliance Officer to Leave Bank After Dispute [19-Sep-2017]

RVAF Update

A recent article in “Die Burger” reports on the first liquidation and distribution accounts in respect of the Herman Pretorius/Relative Value Arbitrage Fund matter.


  more  >>

Sasfin fires KPMG in wake of Gupta scandal [19-Sep-2017]

ASIC

Financial adviser sentenced for making false statements to ASIC

Mr Michael Davie, of Keilor East, Victoria, has appeared in the Melbourne Magistrates Court and pleaded guilty to three charges of making false or misleading statements in documents submitted to ASIC.
  more  >>

LegalBrief

The State Security Agency should not have control over cyber security, the Right2Know (R2K) Campaign said in Parliament this week, according to a News24 report. R2K was among several organisations that made submissions to the Justice and Correctional Services Committee on the Cybercrime and Cybersecurity Bill.   more  >>

Business Day

The Department of Labour has claimed more than R23m from 360 employers prosecuted for not complying with the Employment Equity Act.

However, only R1.3m has been paid so far, says the department’s director-general, who briefed the parliamentary portfolio committee on labour about the rate of transformation, among other issues.   more  >>

SA business leaders and company directors have come face to face with a critical ethical decision. Should they part ways with KPMG or not? The fact that a major business corporation such as KPMG has become complicit in the machinery of corruption is a golden opportunity for the business sector and company directors to reveal their own ethical values. By IRAJ ABEDIAN from the Daily Maverick.   more  >>