Please take note of the following updates in the industry.

From the FSCA...

• A guidance note in terms of section 141 of the Financial Sector Regulation Act, 2017 has been published.
• This note is to provide guidance on the requirements in terms of the FAIS Act pertaining to the lapsing of a licence issued in terms of the FAIS Act and the duties of the financial services providers, any key individual of the FSP, or another person in control of the affairs of the FSP. It will also deal with the effect of non-compliance with the requirements of the FAIS Act in relation to the lapsing of licences.

• A Draft Conduct Standard, Governance, Fit and Proper and other Requirements for managers of Collective Investment Schemes (CIS),  has been published: 
• This Draft Conduct Standard outlines the principles and the  fit and proper requirements that CIS managers must comply with. The purpose of the communication is to inform stakeholders about the publication. 

• A notice on the Amendment of the Determination of Fit and Proper Requirements for FSP’s, 2017 has been released.
• The Notice consists of Insertions, Additions and Format changes of the Determination.
• Comments are due to be submitted by 19 February 2021.

• A notice on the Amendment of the General Code of Conduct for Authorised FSP’s and Representatives, 2003 has been released.
• The notice comprises of a number of insertions and deletion of the General Code.
• Comments are due to be submitted by 19 February 2021.

• A notice on Amendment of the Qualification, Experience, and Criteria for approval as Compliance Officer has been released.
• The notice consists a number of  insertions and deletion.
• Comments are due to be submitted by 19 February 2021.

From the FSCA and Prudential Authority (SARB)...
A Joint Standard Communication on the effective date for significant owners has been published.

• The Effective date of this communication is 1 December 2020, the purpose is to convey certain information with regards to Fitness, propriety and other matters relating to significant owners.