Please take note of the following industry legislative updates:
 
Financial Intelligence Centre (FIC)

• The FIC operations during the nationwide lockdown.
• “Institutions which are continuing to do business are reminded that there is no relaxation of obligations in terms of the FIC Act during the lockdown period.

Final published PCCs

• Public Compliance Communication 45 (PCC 45) - which provides guidance on certain requirements as per Directive 05 of 2019 which sets conditions for the use of Automated Transaction Monitoring Systems (ATMS).   
• Public Compliance Communication 42 (PCC 42) - Disclosure of Facts or Information Regarding the Contents of Section 29 Reports.
• Public Compliance Communication 46 (PCC 46) - commencement and enforcement of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) (FIC Act) as amended by the Financial Intelligence Centre Amendment Act, 2017 (Act 1 of 2017) (FIC Amendment Act).

 
 
FSCA

• The Proposed Amendment to the JSE Debt listing has been published on the official website of  the FSCA for Public comment.
• Debt Listing Requirements  
• The FSCA has released a FAIS Notice  on Exemption from and extension of period to comply with Fit and Proper Requirements, 2020.
• “The date by which FSPs, key individuals and representatives, including supervised representatives where applicable, must obtain the minimum CPD hours as required in terms of section 33(1) of the Determination, in respect of the 2020 CPD Cycle, is extended to 31 August 2020.”

National Treasury

• The National Treasury and  FSCA released a notice regarding an extension for comments on Discussion Paper - Building Competitive Financial Markets for Innovation and Growth. The new submission date for comments is 20 April 2020, the initial submission date was 30 March 2020.
• SAIS will require your comments for submission by 16 April 2020.