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According to S&P Global Ratings, the world's insurers face the biggest change in accounting standards in perhaps 20 years with the International Financial Reporting Standards 17 (IFRS 17), which comes into force in 2021.
Right now, data compliance is top of mind for practically every South African business, and for good reason. The European Union’s GDPR (General Data Protection Regulation) came into force earlier this year, and by this time next year, our own POPIA (Protection of Personal Information Act) will almost certainly be in place.
The long awaited Companies Act Amendment Bill of 2018 which aims to amend the Companies Act 2008 and is expected to clear up some of the unintended consequences that followed the 2011 Amendment, has been released for comment. The Draft Amendment Bill was released by Dr Rob Davies, Minister of Trade and Industry on 21 September 2018 and is open for comment until 16 November 2018.
In a bold move aimed at placing greater focus on the role of the financial sector in achieving inclusive economic growth, the governing body of the Amended Financial Sector Code (FSC), which came into effect on 1 December 2017, has expanded its mandate and assigned the most senior leaders of its constituents to strategically drive the sector’s black empowerment goals.
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?