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
Tainted treats, spoiled foods and potential dangers…are there any legal safeguards for consumers?
In recent weeks gone by, there have been numerous food poisoning cases reported[1] resulting in serious health issues and, in [...]
It is not only diamonds that are forever – a snapshot of forever and hazardous chemicals
A recent study conducted by the Manchester Metropolitan University revealed that the processes intended to decontaminate noxious liquid landfill waste [...]
Going nowhere fast, proposed amendments to the direct marketing regulations under the CPA published, and your comments are sought!
On October 28, 2024, the Department of Trade, Industry and Competition (dtic) published draft amendments to the regulations under the [...]
The Collection of Premiums on Behalf of Insurers – A Look at the Impact of The Exemption of Juristic Representatives from Section 13(1)(C) of FAIS
and Khanyisa Tshoba, Candidate Attorney Introduction: In practice the need may arise for an insurer to appoint a third party [...]
The effects of the CPA Amendment Act, 2017
and Elia Chitata - Candidate Attorney With the introduction of the Restitution of Land Rights Act 22 of 1994, which [...]
Section 22 – A Springboard into Business Rescue
and Caitlin Steytler – Candidate Attorney In August 2024, Statistics South Africa revealed that 1020 entities filed for liquidation in [...]