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 Newsletter - December 2023
 
     
 
How we are navigating the regulatory path amid SA’s crypto asset boom
 
With almost 10% of South Africans estimated to own a crypto asset, and a projected 43% of the population expected to own one by the end of the decade, the need for deeper insight into the local market and appropriate regulation has never been more compelling.
 
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Quick Reads
 
 
     
 

FSCA updates on BHI Trust matter

 

The FSCA refers to its previous press releases of 27 October 2023 and 

9 November 2023 regarding the ongoing investigation into the BHI Trust. The FSCA confirms that the investigation is continuing, with an expanded scope to look into authorised financial services providers (FSPs) that may have advised or assisted their clients to invest in BHI Trust products.

 

 

 

 

     
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Trustee Training Toolkit Survey

 

The FSCA recently launched the revamped Trustee Training Toolkit (TTK) aimed at empowering boards of trustees to exercise their fiduciary duties efficiently and effectively. This industry-wide initiative is to ensure good governance through education and training. All trustees of retirement funds are encouraged to complete the compulsory revamped course in order to obtain certification of completion. If you have already done so, please take a few minutes to share your overall experiences with us via the link below.

 
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Publication of draft Conduct Standard – Requirements for CIS Managers

 

The FSCA recently published the draft Conduct Standard – Requirements for CIS Managers and interested parties are invited to submit comments 16 February 2024.

 

 

 

 
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FSCA’s first Integrated 

Annual Report

     

Following the formal process of tabling in Parliament, the FSCA has published its first Integrated Annual Report, detailing the organisation’s activities for the 2022/23 

Financial Year.

 

 

 
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Unpacking the fundamentals of 

the Two-Pot system

 

The National Treasury (NT) is gearing up to introduce a significant change in the retirement industry through the implementation of the two-pot system for retirement fund savings.

 
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Digitalisation in the financial sector - Sharing banking regulation insights with fellow African regulators
 
The FSCA recently hosted its Familiarisation Programme aimed at sharing regulatory insights and best practices with fellow regulators from the Southern African Development Community (SADC) region, with the unified goal of overseeing the financial services sectors...
 
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Chwayita Mtebele on sustainable finance and 

the Investment Providers Industry Survey

 
Sustainable Finance, a term you have sure heard mentioned numerous times and one that you definitely should be taking a particular interest in. What does it refer to exactly?
 
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Update on retirement fund contributions in arrears
 

The FSCA has started publishing the names of employers that contravene section 13A of the Pension Funds Act 1956 (PFA). The first list of names was published on the FSCA website on 

1 September 2023, titled FSCA Communication 21 of 2023 (RF) - Publication of names of retirement funds and employers with arrear contributions.

 

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Take a bow William Clarke! Thirty-odd years is no small feat!

 
In the words of Patrick Foley, retirement is a blank sheet of paper. It is a chance to redesign your life into something new and different. This is a journey that one of our beloved employees William Clarke, a senior specialist in the Regulatory Framework Department is about to embark on. What makes this a special story you might ask?
 
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Financial services providers reminded of their duty to report suspicious and unusual transactions to the Financial Intelligence Centre
 
Financial Services Providers (FSPs) are vulnerable to abuse for money laundering, terrorist financing, and proliferation financing (ML, TF and PF) and play an important role to protect the financial system by implementing the safeguards provided through the Financial Intelligence Centre Act (FIC Act).  
 
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Our Vision
 
To foster a fair, efficient, and resilient financial system that supports inclusive and sustainable economic growth in South Africa​.
 
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