More Work To Be Done Before Twin Peaks Is Fully Implemented
In July 2022, the Financial Sector Conduct Authority (FSCA) released its regulation plan for the next three years (2022-2025). Most significant was the delay of the enactment of the conduct of financial institutions bill (COFI) which was previously anticipated to become effective in 2022. COFI is the primary market conduct legislation of the FSCA and […]
The Future of Juristic Representatives of Financial Services Providers (FSPs)
The Financial Advisory and Intermediary Services Act 37 of 2002 (“FAIS”) regulates the provision of financial advice and intermediary services in respect of financial products. Although FAIS has a broad scope of application, the main industry role players include financial advisors and asset managers. An entity becomes a financial services provider (“FSP”) when it registers […]
Crypto Assets Defined as a Financial Product Under FAIS
On 20 November 2020, the Financial Sector Conduct Authority (FSCA) published the draft declaration of crypto assets as a “financial product” as defined in terms of section 1 of the Financial Advisory and Intermediary service Act 37 of 2002 (FAIS Act). This publication has ended years of speculation about the classification and regulation of cryptocurrency […]
The Precarious Role of Developers for Social Housing Units
The recent case of Social Housing Regulatory Authority v Free State Social Housing Company and Others [2019] ZAFSHC 240 highlighted the precarious position of the property developer in a social housing project in South Africa. In 2019, the Social Housing Regulatory Authority (“SHRA”) had to apply for administration of one of its accredited social housing […]