Compliance - Regulatory

Financial sector regulation takes another step towards implementing Twin Peaks regulatory model

The Financial Sector Regulation Act, 2017 was signed by the President and published in the Government Gazette on 22 August 2017. The Act will come into effect on a date to be determined by the Minister of Finance and announced by notice in the Government Gazette.

Wording of exclusion; more than one interpretation

Research shows that whilst organisations are often aware of the costs of client misunderstandings, only one in three claim to have taken any action to close the gap.

A lawyer talks accounting: International Financial Reporting Standards (IFRS) 17 insurance contracts

The global set of accounting standards known as International Financial Reporting Standards (IFRS) is broadly used and supported in multiple jurisdictions by various organisations such as the International Monetary Fund, the World Bank and the JSE Limited to mention but a few. Section 29(5)(b) of the Companies Act, No 71 of 2008 (Act) specifically prescribes that public companies must adopt IFRS, which places all insurance companies within the ambit of this section.

Twin Peaks signed into law