In July 2022, the Financial Sector Conduct Authority (FSCA) released its regulation plan for the next three years (2022-2025). Most significant was the effective placing on the “back burner” of the conduct of financial institutions bill (COFI) which was previously anticipated to become effective in 2022. COFI has already been through two different drafts and …
COFI: More work to be done before it’s effective Read More »
On 11 June 2021, the Intergovernmental Fintech Working Group (IFWG), through its Crypto Assets Regulatory Working Group, published its position paper on the regulation of crypto assets in South Africa, with 25 recommendations. The regulation of crypto assets is focused on the governance of the activities of crypto assets services and in particular crypto asset …
The future of cryptocurrency regulation in South Africa Read More »
The implementation of the “twin peaks model” includes the enactment of the Conduct of Financial Institutions (“COFI”) Bill. COFI will be an umbrella piece of legislation embodying the principles of “treating customers fairly” (TCF) in order to regulate market conduct, and shall be governed by the FSCA. COFI will replace significant legislation including the Long-Term …
When a business decides to raise funds, it has a number of options available. The most common options would be in the form of a loan from a licensed institution (whether in the form of overdrafts, revolving credit facilities, syndicated loans or other forms) or to approach the capital markets. These loans would c be …
Summary: Crypto assets have been declared financial products in a draft declaration issued by the FCSA The draft is open to comment from the public until 28 January 2021 Those providing advice or intermediary services in respect of crypto assets will need to register as financial services providers and be subject to stricter controls On …
On 21 September 2018, the Minister of Trade and Industry (“Minister”) published the Companies Amendment Bill 2018 (“Bill”)for public comment. The Bill includes a number of amendments to the Companies Act 71 of 2008 (“Companies Act”). These amendments are largely welcomed as they seek to resolve problematic areas in the Companies Act since its coming …
Low growth; tax revenue down; no relief from bracket creep; a bloated public service wage bill; billions in unpaid VAT refunds set to depress tax revenue even further. Not a happy message for a Minister of Finance to bring in his inaugural Budget Speech, but this is what he was stuck with, and to his …
Loans in terms of which the obligation for repayment of the outstanding amount only arises on receipt of a demand for repayment from the lender (“Demand Loans”) are frequently being used in South Africa as part of trust/company structures or business operations in general. A word of warning – Demand Loans may have become ticking timebombs for …
Last year, Bitcoin and other cryptocurrencies sparked a modern gold rush spurred on by stories of individual investors making millions in a short period from their investment in Bitcoin. The desire to get rich quickly encouraged every man on the street to own a virtual wallet to buy cryptocurrencies and saw the advent of many …
Cryptocurrency as an Investment: Classification Hurdles Read More »
In the wake of the Panama Papers and with growing instances of data breaches and identity theft, software developers need to show that they are taking privacy seriously. The proliferation of digitised-storage of data has moved global attention to the blockchain – the technology that underpins the cryptocurrency, Bitcoin. While the future of Bitcoin is …
POPI Compliance: Can Personal Information be Stored on a Blockchain? Read More »
