New laws affecting the financial landscape
A number of news laws have or will be coming into effect this year, all of which affect the financial industry landscape.
According to an article on Business Tech, these seven laws are:
Conduct of Financial Institutions Bill – Outlines what customers and industry players can expect of financial institutions. It includes the implementation of the Treating Customers Fairly (TCF) principles.
Competition Amendment Bill – Introduces amendments to the market inquiry and abuse of dominance provisions, as well as penalty increases for cartel conduct.
Financial Sector Regulation – Implementation of new regulators for the financial services industry. The Prudential Authority was established and the Financial Sector Conduct Authority (FSCA) replaced the Financial Services Board (FSB).
National Minimum Wages Act – Introduced a R20 hourly rate as the minimum wage. It won’t initially apply to farm or domestic workers.
The Legal Practice Act – Establishment of the Legal Practice Council, which took over the regulation of both advocates and attorneys from the law societies and bar councils.
Companies Amendment Bill – Some of the key proposed amendments will impact on the disclosure of remuneration and benefits paid to directors and prescribed officers, financial assistance to a subsidiary within a group and share buybacks.
GDPR – The General Data Protection Regulation (GDPR) was enacted in the European Union (EU) on 25 May 2018 and applies to all South African companies that offer goods or services to people or monitor the behaviours of people in the EU. The GDPR aims to protect EU citizens from privacy and data breaches.