Legal updates and opinions
News / News
Market behaviour – financial services
by Hilah Laskov, Senior Associateand Chelsea Roux, Candidate Attorney
Reviewed by Shayne Krige, Director and head of the Investment Funds & Private Equity practice
In this update, we note applications being made for exemption from regulatory provisions and the introduction of an innovation hub designed to boost fintech.
- Applications for exemptions
In light of the current pandemic, certain regulated entities have applied for exemptions from their obligations under financial sector regulations.
4 Africa Exchange Proprietary Limited has, for example, applied to the Financial Sector Conduct Authority (“FSCA“)[1] for an amendment of the terms and conditions subject to which its licence was granted so that it can change its operational business address.
Fitch Ratings Limited has also applied to be exempted from compliance with section 3(2) of the Credit Rating Services Act[2] which provides that credit rating services may only be performed by a registered credit rating agency. This exemption would apply for a period of two years. Certain regulated persons have also been exempt from compliance with section 4(1) of the CRSA which governs the use of credit ratings.
2. Innovation hub
The Intergovernmental Fintech Working
Group (“IFWG“) launched
the IFWG Innovation Hub on 7 April 2020 to respond to changes within the
financial sector caused by the impact of financial technology. The IFWG
Innovation Hub is aimed at innovations that complement the core mandates of
regulators and will provide assistance to innovators in the financial
technology space. It provides, amongst other things for enhanced communication
between industry and the regulator.
[1] In terms of section 9(4) of the Financial Markets Act 19 of 2012.
[2] Section 3(2) of the Credit Rating Services Act Act 24 of 2012.
Latest News
Key Updates to the Code of Good Practice on Dismissal: A Comparison of the 2025 Draft and the Original Framework
On 22 January 2025, the Department of Employment and Labour issued a draft update to the Code of Good [...]
Are CCMA and Bargaining Council Subpoenas Meeting Legal Standards? A Closer Look at Substantive Compliance
and Rekgopetše Pula, Candidate Attorney Since inception, the issuance of subpoenas by the Commission for Conciliation, Mediation and Arbitration [...]
Privacy. Who is looking after the children?
As we celebrate International Privacy Day on 28 January 2025, we are called to look inward and ask how the [...]
Can language proficiency policies be used to exclude individuals who lack the required language skills from employment?
Our Constitution recognises 12 official languages and commits to promoting their development and use. Viewed through the lens of language, [...]
Hey POPIA, is the publication of a person’s HIV status, positive or negative?
The right to privacy and the rights of public figures came before the court in the case of Tshabalala-Msimang versus [...]
Error 404 – when facial recognition does not see you – a tale of how R1, R2 and R7 wages were paid for a week’s work
Since its inception, facial recognition technology has been regarded as the future for security, safety, technology and innovation.[1] Indeed, the [...]