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SA companies must complete compliance checklist

SA companies must complete compliance checklist

The new Companies and Intellectual Property Commission (CIPC) compliance checklist, which came into effect on 1 January 2020, requires all companies (except CCs) to complete a 24-question compliance list along with their annual returns. Companies are required to indicate if they complied with a particular section during the previous calendar year but only allows for yes/no answers and makes no provision for explained responses. Failure to...

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New laws affecting the financial landscape

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...

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Policy holder protection rules

Policy holder protection rules

The replacement PPR was published on 15 December 2017 and became effective 1 January 2018. The rules give effect to a number of business reforms and although mainly applicable to Insurers and their business practices, the provisions impact on FSP’s either directly or indirectly. Below is a very short summary of what you need to know. We have not included all the rules and by no means are they complete. Rule 1:  Fair treatment of policyholders...

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Why compliance counts

Why compliance counts

Our regulatory environment has necessitated that each business unit has to re-evaluate how they do business and in particular how their supporters do business as part of their risk management. Not only must each representative of a Financial Services Provider satisfy the “fit and proper requirements”, they also have to conduct their business adhering to the FAIS Act, its regulations, the General Code of Conduct as Board Notices...

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Amendments to regulations

Amendments to regulations

On the 15th of December 2017, substantial amendments to the regulations were published.  These amendments are effective as of 1 January 2018. Below is a quick summary of what you need to know. How does this affect you? If you have not entered into a binder agreement with one or more Insurer, then the answer is “not too much” as the amendments to the regulations mostly affect binder arrangements and the insurer’s obligations when entering into...

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