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<p>Wealth Migrate has scored big with the Category 1 crowdsourcing licence it was awarded by the Financial Services Conduct Authority recently, and the company says this is good news for local investors too.  The licence allows Wealth Migrate to provide its crowd funding offering on an intermediary services basis using shares as a financial product category. Riaan van der Vyver, Chief Investment Officer at Wealth Migrate joins CNBC Africa for more.</p>


FSCA grants Wealth Migrate licence to offer crowdfunding services

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<p>Ahead of the Coinbase’s listing on the Nasdaq this week, the CEO Brian Armstrong told CNBC that regulation is one of the biggest risks when it comes to the cryptocurrency business. He said that the Crypto guys just want to be treated on a level playing field with traditional financial services. Is this possible? Can the rebel be tamed? Joining CNBC Africa to discuss crypto regulation is Brandon Topham, Divisional Executive for Enforcement at the Financial Sector Conduct Authority.</p>


Cryptocurrency regulation in SA: What you need to know

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<p>The Financial Sector Conduct Authority has published a draft Declaration classing crypto assets, as financial products under the Financial Advisory and Intermediary Services Act.</p>


Crypto assets declared financial products under the FAIS Act

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<p>The Financial Sector Conduct Authority has slapped Tongaat Hulett with a R20 million fine. This is after an investigation found significant accounting irregularities. Joining CNBC Africa to give insight into the investigation is Brandon Topham, Divisional Executive for Enforcement at the Financial Sector Conduct Authority.</p>


FSCA slaps Tongaat Hulett with fine for accounting irregularities

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<p>The Financial Sector Conduct Authority has published the Conduct Standard for Banks, which aims to regulate and supervise banking institutions, and to promote the treatment of financial customers. Having successfully undergone the Parliamentary process, the Conduct Standard has been made final. Joining CNBC Africa for this discussion is Kedibone Dikokwe, Divisional Executive, Conduct of Business Supervision at the Financial Services Conduct Authority and Adri Grobler, Manager, Legislation &#038; Regulatory Oversight in the Market Conduct Division at the Banking Association of South Africa.</p>


FSCA publishes conduct standards for banks

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<p>The financial sector conduct authority has called on all regulated companies to treat customers fairly during the COVID-19 lockdown and warned that profiting off the vulnerable will not be tolerated. Kedibone Dikokwe, Divisional Executive: Conduct of Business Supervision, Financial Sector Conduct Authority (FSCA) joins CNBC Africa for more.</p>


COVID-19: What the FSCA expects from financial institutions

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<p>The Intergovernmental Fintech Working Group conducted research that looked into South Africa’s Fintech sector and found that the payment segment is the largest and most mature of them, following international Fintech trends. Kagiso Mothibi, Head of Fintech Department at the Financial Sector Conduct Authority (FSCA) joins CNBC Africa for more.</p>


Tracking the latest trends in SA’s fintech space


<p>By FSCA</p>



<p>FSCA update on inspection into the affairs of financial services providers linked to Jacobus Kellermann.  </p>



<p>The Financial Sector Conduct Authority (FSCA) has concluded its inspection into the affairs of various financial services providers connected to Mr Jacobus Kellermann. During 2014, the FSCA’s predecessor, the Financial Services Board (&#8220;FSB&#8221;), provided assistance to certain foreign regulators relating to funds that were allegedly channeled to several entities in South Africa. It became apparent that Mr. Kellermann was a person of interest in the matter. The FSB’s inspection therefore sought to establish whether Mr Kellermann was involved with any South African Financial Services Providers (FSPs), and whether the funds of any South African clients were invested in the foreign entities that were mentioned in media reports on the matter. The FSB’s inspection established that Mr. Kellermann was or had been involved with the following South African FSPs:  </p>



<p>• RSA Multi Asset Management (Pty) Ltd FSP 622  • Governation Investments SA (Pty) Ltd FSP 5735  • Pensionation Investments SA (Pty) Ltd FSP 44104  • Multivest Financial Planning (Pty) Ltd FSP 44887  • Contego Asset Management (Pty) Ltd FSP 788  • Clarus Asset Managers (Pty) Ltd FSP 858  </p>



<p>Mr. Kellermann’s involvement with these FSPs took the form of either being the beneficial owner of shares in the providers, or being the key individual and/or director of these FSPs. </p>



<p>The inspection found no evidence of any breaches of the relevant South African financial sector laws. Neither the FSB nor the FSCA has been advised of any regulatory action having been taken against Mr. Kellermann by any foreign regulator.  </p>



<p>As part of its mandate to protect financial customers, while supporting the efficiency and integrity of financial markets, the FSCA investigates any and all allegations of financial misconduct and suspected contraventions of financial sector laws that are reported, or it becomes aware of. It also adheres to Memoranda of Understanding concluded with foreign regulators to aid with any investigation or information gathering within South African borders. This is to ensure that FSPs and key individuals authorised by the FSCA always act in the best interests of consumers and that the financial stability of the country is maintained at all times.    </p>


FSCA clears financial services provides linked to Cobus Kellermann

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<p>The Financial Sector Conduct Authority (FSCA) conducted a search and seizure operation at the premises of Sekunjalo Investment Holdings. The FSCA says the operation was conducted as part of an investigation into allegations of prohibited trading practices in possible contravention of section 80 of the Financial Markets Act. Brandon Topham, Divisional Executive for Investigations and Enforcement joins CNBC Africa for more.</p>


FSCA raids Sekunjalo offices


<p>MET Collective Investments (MetCI) plans to appeal the Financial Sector Conduct Authority&#8217;s (FSCA) decision to fine it a R100 million for contravening various sections of the financial sector laws. </p>



<p><strong>Watch:</strong> <a href="https://www.cnbcafrica.com/videos/2019/10/02/why-the-regulator-has-slapped-met-collective-investments-with-a-record-r100mn-fine/">Why the FSCA  slapped MET Collective Investments with a record R100m fine</a></p>



<p><em>We are aware of the findings made by the FSCA regarding administrative issues with the Third Circle MET Target Return Fund and are considering the determination and reasons thereof. </em></p>



<p>In an emailed statement to CNBC Africa,  MetCI said it:<em> &#8220;will appeal this decision given that we disagree with the content of the report. The quantum of the penalty is entirely disproportionate with the alleged breaches. It is also inconsistent with previous industry penalties.</em></p>



<p><em>We would
like to specify that this fund was managed by Third Circle Asset Management, an
independent financial services provider, under a co-naming agreement with
MetCI. MetCI immediately took action in December 2015 when we became aware of
problems with Third Circle&#8217;s management of the fund. We subsequently took over
the management of the fund from Third Circle and closed the fund.&nbsp; </em></p>



<p><em>We take
our fiduciary responsibility very seriously and will always act in the best
interest of our clients and financial advisers.</em></p>



<p><em>At this
stage however we cannot go into more detail, since we have started the appeal
process.</em></p>


MET Collective Investments to appeal R100m fine

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<p>The Financial Sector Conduct Authority (FSCA) has handed down one of its largest fines to date, as they hit MET Collective Investments, a unit trust fund of listed company Momentum with a R100 million fine for contravening various sections of the financial sector laws. Joining CNBC Africa for more is Jurgen Boyd, Divisional Executive for Market Integrity Supervision at the FSCA.</p>


Why the regulator has slapped MET Collective Investments with a record R100mn fine


<p>JOHANNESBURG (Reuters) &#8211; South Africa’s market regulator has fined retailer Steinhoff a record 53 million rand ($3.6 million) for making “false, misleading or deceptive statements” to the market, the company said on Thursday.</p>



<p>Steinhoff disclosed the hole in its accounts in December 2017 which shocked investors and wiped more than 200 billion rand off its stock market value.</p>



<p>The company said the penalty would have been 1.5 billion rand, but was reduced in recognition of the fact that the fraud was perpetrated by former employees and that the company had cooperated with regulators.</p>



<p>“Even after this reduction it remains the largest single fine ever imposed by the FSCA,” Steinhoff said in a statement, quoting the regulator.</p>



<p>The Financial Sector Conduct Authority (FSCA) ruled that multiple, significant restatements of the company’s accounts after December 2017 supported the conclusion that Steinhoff failed to meet its obligations under the Financial Markets Act.</p>



<p>Steinhoff CEO Louis du Preez said there were no more further FSCA enforcement actions outstanding against the Steinhoff.</p>



<p>“We are pleased that the matter has now been brought to a conclusion and that the FSCA has recognised our full co-operation with the investigation,” said Preez.</p>



<p>An independent report by PwC released in March found Steinhoff had overstated profits over several years in a $7.4 billion accounting fraud involving a small group of top executives and outsiders.</p>



<p>($1 = 14.6256 rand)</p>



<p>Reporting by Tanisha Heiberg; Editing by Mark Potter</p>


FSCA

FSCA grants Wealth Migrate licence to offer crowdfunding services

Cryptocurrency regulation in SA: What you need to know

Crypto assets declared financial products under the FAIS Act

FSCA slaps Tongaat Hulett with fine for accounting irregularities

FSCA publishes conduct standards for banks

COVID-19: What the FSCA expects from financial institutions

Tracking the latest trends in SA’s fintech space

FSCA clears financial services provides linked to Cobus Kellermann

FSCA raids Sekunjalo offices

MET Collective Investments to appeal R100m fine

Why the regulator has slapped MET Collective Investments with a record R100mn fine

Steinhoff has been fined R53 million for misleading markets

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FSCA

FSCA grants Wealth Migrate licence to offer crowdfunding services

Cryptocurrency regulation in SA: What you need to know

Crypto assets declared financial products under the FAIS Act

FSCA slaps Tongaat Hulett with fine for accounting irregularities

FSCA publishes conduct standards for banks

COVID-19: What the FSCA expects from financial institutions

Tracking the latest trends in SA’s fintech space

FSCA clears financial services provides linked to Cobus Kellermann

FSCA raids Sekunjalo offices

MET Collective Investments to appeal R100m fine

Why the regulator has slapped MET Collective Investments with a record R100mn fine

Steinhoff has been fined R53 million for misleading markets

News Tips

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