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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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FSCA fines Steinhoff R1.5bn

FSCA fines Steinhoff R1.5bn

The Financial Sector Conduct Authority (FSCA) has imposed an administrative penalty of R1.5 billion on Steinhoff under Section 81 of the FMA 2012 – the highest penalty to date issued by the authority. In a news release on its website, the FSCA said it noted Steinhoff’s current financial position and in order to avoid penalising innocent Steinhoff shareholders further, in recognition of the fraud perpetrated on the Steinhoff Group by former...

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Should retirement funds invest in SOEs?

Should retirement funds invest in SOEs?

Maladministration, poor governance and corruption have had a devastating effect on the country’s ailing state-owned enterprises (SOEs), leaving them facing extensive financial difficulties. Business Day recently reported that financial institutions may approach the Constitutional Court if government forces pension funds to invest in bankrupt state-owned enterprises. This followed a proposal in the ANC election manifesto that government...

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The Prudential Authority’s 3-year regulatory requirements

The Prudential Authority’s 3-year regulatory requirements

Through the adoption of its regulatory strategy, the Prudential Authority’s (PA) will help market participants and the public understand the approach it will take in overseeing financial stability of the markets. Kuben Naidoo, Chief Executive Officer of the PA the Authority, was quoted in the FSCA Bulletin as saying the PA will follow a risk-based and proportional, forward-looking, outcomes-focused and integrated supervisory approach. The core...

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ASISA Retirement Savings Cost Disclosure Standard aims to build trust

ASISA Retirement Savings Cost Disclosure Standard aims to build trust

The new ASISA Retirement Savings Cost (RSC) Disclosure Standard, which came into effect on 1 March 2019, aims to build trust in the savings and investment industry through meaningful disclosure. Taryn Hirsch, senior policy consultant at ASISA, in a statement on ASISA’s website said ASISA members are required to submit compliance certificates to ASISA annually certifying that the RSC calculations and disclosures comply in all respects with...

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