Please take note of the following industry legislative updates:
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
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.
- 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.