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 […]
Valid and Enforceable: The Basics of Contracting in South Africa
Freedom and fairness are keystone principles within South Africa’s democratic era. This article seeks to briefly outline the general foundational requirements for concluding a valid contract in South Africa, while taking cognisance of the role that fairness plays in regulating contractual relationships. Capacity Contractual capacity refers to the state of mind of a party seeking […]
Consultant Kerry Kopke’s involvement in the African Union Peace Fund
The African Union (AU) was established in 2002 with a broad political mandate for dealing with all issues related to peace and security in Africa, so as to establish a viable environment for sustainable development. The AU adopted a legacy Peace Fund that had been formed in 1993 but in 2016 the AU Assembly decided […]
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 […]
Updating ‘Business Continuity Plans’ for Financial Services
Navigating the multitude of regulations and Ministerial pronouncements in South Africa due to the emergency situation of Covid-19 has proven challenging as t…