Specialist Fields

Financial Services Law

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We assist businesses in all areas of Financial Services Law

Financial Services Law covers a broad range of law applicable to clients within the financial services industry such as banks, insurance companies, medical aid schemes, asset managers, MANCOs, financial advisors, pension funds, private equity funds and cryptocurrency exchanges.

Our team provides regulatory advice on applicable areas of legislation, including the Financial Sector Regulation (FSR) Act, 2017 the Financial Advisory and Intermediary Services (FAIS) Act, 2002 the Collective Investment Schemes Control Act, 2002 (CISCA) the Financial Intelligence Centre Act, 2001 (FICA) the Banks Act,1990 the Pension Funds Act, 1956 the Insurance Act, 2017 the Medical Schemes Act, 1998 and the Exchange Control Regulations. 

We are also up-to-date on the twin peaks regulatory changes including the new market conduct legislation of the Conduct of Financial Institutions Bill (COFI) which is soon to become effective. 

The proper application of financial services law requires a broad understanding of the financial services regulatory environment combined with industry experience to give clients the confidence that the advice is both legally correct and pragmatic for their requirements.

- Kerry Kopke, Caveat Panel Member

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Clients

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Financial Services Regulatory Review

The financial services regulatory landscape in South Africa is broad with potentially multiple pieces of legislation and areas of law applicable to one client or matter. We are able to provide a regulatory opinion, advisory note or consultation for our clients to cover their full range of financial services regulatory concerns. We also provide compliance reviews, policy drafting and staff training.

Twin Peaks Financial Regulation

The Financial Sector Regulation Act implemented the new “twin peaks” model of financial regulation in South Africa and provided for the establishment of two new regulators: (1) the Prudential Authority (an administrative arm of the SARB) and (2) the financial sector conduct authority (the FSCA). In addition to the dual regulators of the financial services industry, the twin peaks model also brought about sweeping changes to pre-existing financial services legislation including a new Insurance Act and the Conduct of Financial Institutions (COFI) Bill. Caveat’s team has stayed up-to-date with these regulatory changes and is able to advise clients on a proactive approach for addressing the twin peaks financial regulation within the specific contexts of their businesses.

Investment Funds

Caveat assists in the entire fund formation process, including the fund structuring process, registration with the FSCA and the associated documentation. We have experience in establishing investment funds in South Africa and in other African jurisdictions for both private and public investors, including blended finance. 

Legal Advice for Financial Services Law

The Financial Services sector is rapidly changing with increasing regulatory developments impacting on the competitive landscape around capital management, compliance and risk management. Caveat assists financial services institutions to manage the risk, respond to the regulators and incorporate the regulatory developments into their businesses in the most effective way.

We provide services including:

  • Regulatory review;
  • Compliance review;
  • Regulatory license application advice;
  • Legal opinions;
  • Contract drafting and review; and
  • Staff training.
 

FAQs

Frequently asked questions on Financial Services Law

The Financial Sector Regulation Act implemented the new “twin peaks” model of financial regulation in South Africa and provided for the establishment of two new regulators: (1) the Prudential Authority (an administrative arm of the SARB) and (2) the financial sector conduct authority (the FSCA). In addition to the dual regulators of the financial services industry, the twin peaks model also brought about sweeping changes to pre-existing financial services legislation including a new Insurance Act and the Conduct of Financial Institutions (COFI) Bill.

The latest estimates are the end of 2022 or early in 2023.

This will depend on the finalised bill once it is enacted. Our team is able to advise businesses on their obligations under the legislation and assist with license applications as required.

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