1 / 8

Other regulatory updates Town Hall Meeting June 2013

Other regulatory updates Town Hall Meeting June 2013. Adri Messerschmidt. Pension Funds Act. Conditions in terms of section 13B of the Pension Funds Act S econd draft August 2012 FSB Consultation Workshop on 15 May 2013 Expect a third draft to be released for comment

brygid
Download Presentation

Other regulatory updates Town Hall Meeting June 2013

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Other regulatory updates Town Hall Meeting June 2013 Adri Messerschmidt

  2. Pension Funds Act • Conditions in terms of section 13B of the Pension Funds Act • Second draft August 2012 • FSB Consultation Workshop on 15 May 2013 • Expect a third draft to be released for comment • Will be applicable to benefit administrators only • Investment administrators will be regulated under FAIS • Good Governance Directive (PF130) • PF130 (guidance) to be made a directive • ASISA represented on FSB Working Group to prepare draft for comment • Financial Services Laws Amendment Bill creates provision • Working Group has met 4 times since late 2010 to discuss a first draft • FSB in the process of preparing a legal draft • Release date of draft for public comment unknown.

  3. Pension Funds Act • Regulation 28 • Derivatives Notice • Second draft June 2012, submitted comments on 23 July 2012 • Discussed with FSB September 2012 • Discussed further at two meetings during May 2013 • Third draft notice expected to be released for comment • Hedge Funds Notice • First draft June 2012, submitted comments on 23 July 2012 • Discussed with FSB September 2012 and May 2013 • ASISA requested the FSB not to include requirements in respect of structures ahead of the implementation of a regulated product structure in CISCA, under consideration • Second draft expected to be released for comment

  4. FAIS • Requirements for nominees • Draft amendments applicable to all nominees published July 2012, submitted comments on 31 July 2012 • Amendments to FAIS Regulations and Code of Conduct for Administrative and Discretionary FSPs i.r.o. nominees will follow • Second draft amendments expected to be published • Financial Soundness Requirements • Published 11 December 2012 • Provision that assets invested in related parties and entities to whom financial services are rendered be excluded from the capital requirement problematic, may apply for exemption • FSB approval of specimen mandates • Cat II & IIA FSPs • FAIS SC will propose alternative to FSB

  5. FAIS • Compliance Report for Long-term Insurance Category A and Friendly Society Benefits • Being developed by FSB, ASISA part of Working Group • List of recognised qualifications • Will address practical difficulties with the list with the FSB • Continuous Professional Development • General exemption published in October 2012 • Requirements to be re-designed • Consultation expected to start Q3 2013

  6. FAIS • Compliance Officer Regulatory Exams • FSB will soon put out tender for development and maintenance of exams • Envisaged that the exams will be ready by February 2014 • Second level (product) regulatory exams • FSB informed examination bodies of intention to suspend exams • Intention to consult with industry to find alternative solutions to problems experienced with first level exams and to address unique challenges of these exams • Time periods to pass the exams • ASISA requested alignment with period as applicable to services under supervision • Draft amendments to Fit and Proper Determination being awaited

  7. New Acts • Credit Rating Services Act • Regulates credit rating agencies and the publication of credit ratings • Came into operation 15 April 2013 • Credit rating agencies have until 17 December 2013 to be registered • Financial Markets Act • Replaces Securities Services Act • Regulates financial markets, exchanges, central securities depositories, clearing houses, trade repositories, securities trading, clearing and settlement, custody and administration of securities, insider trading and other market abuses • Came into operation on 3 June 2013

  8. F S L G A B • Financial Services Laws General Amendment Bill • Tabled in Parliament September 2012 • Public hearings in Parliament concluded in April 2013 • NT and the FSB will respond to public hearings 18 June 2013 (provisional date) • Main concern that extended powers granted to the FSB should be balanced by an appropriate prescribed consultation process

More Related