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
Market conduct licence categories under COFI Read More »
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
Crypto Assets Defined as Financial Products Read More »
The release in the past few weeks by National Treasury of proposed amendments to the schedules to the Financial Intelligence Centre Act, 2001 (FIC Act), seems to have passed largely unnoticed by the general public. This, however, marks the first real step taken by government in achieving its stated aim of implementing a proportionate and
First Steps toward Crypto Asset Regulation in SA Read More »
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
Minister Mboweni Doesn’t Sugar the Pill Read More »
For 18% of the readers of this article, it will turn out to be the most important thing you read this year… While the claim in the subtitle is speculation and it remains to be seen how accurate I am with the percentile, it does give an indication of the gravity of this subject. The
The Blockchain – Part 1 Read More »
For most people blockchain technology is synonymous with bitcoin and often the mere mention of either results in a glazed expression and derision. After all, who can forget Silk Road? Well, if the latest media hype is anything to go by, blockchain technology is not just here to stay, it’s also the single biggest potential
To Blockchain or not to Blockchain Read More »
“The bank is something more than men, I tell you. It’s the monster. Men made it, but they can’t control it.” – John Steinbeck, The Grapes of Wrath (1939) The banking and financial system is for many a monster that is not being controlled effectively. Ensuring that a financial system is adequately regulated is a fine
The Financial Sector Bill Peaks and the search for the Perfect Regulatory System Read More »
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KAI is free for Caveat friends and clients. To use KAI, complete the form below and look out for the AI’s answer, reviewed by a specialist lawyer, in your inbox. For the most accurate and helpful response, be as specific and detailed as possible. Provide all relevant facts and clearly state what you’d like answered.
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