Dear Compliance officer
 
Please take note of the following industry legislative updates:
 
SARB
A joint communication has been released on the Covid-19 Supervisory response.

• The Prudential Authority, FSCA and other joint Authorities, having consulted the FIC regarding the Covid-19 Pandemic,  are ensuring the compliance of AIs with their legislative obligations in terms of the FIC Act, Act 38 of 2001. The full description of the notice is available on the SARB website.
• This communication resonates with the statement published by the Financial Action Task Force (FATF) on 1 April 2020, which encourages governments to work with AIs and other businesses in support of Covid-19 to aid efforts to curtail the spread thereof, whilst remaining alert to new and emerging risks.

 
National Treasury and FSCA
The National Treasury and  FSCA released a notice regarding an extension for comments on Discussion Paper - Building Competitive Financial Markets for Innovation and Growth. This has been extended further and the new submission date for comments is 30 April 2020.

• SAIS will require your comments for submission by 12h00 on 28 April 2020.

 
SARB and FSCA
The FINAL Guidance under the Regulations in terms of section 27(2) of the Disaster Management Act, 2002 has been released. This is in relation to the performance of essential financial services in terms of the Regulations and the Joint Directive of 9 April 2020 as set out in the Schedule.

FSCA

• General Notice 2 of 2020 – Extension of period for compliance with various requirements related to the submission of statutory returns, 2020
• Communication 23 of 2020 – impact of Coronavirus (Covid-19): expectations on managers of collective investment schemes.