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PLA Webinar - The Conduct of Financial Institutions Bill - Second Draft - Shared screen with speaker view
Leanne Van Wyk
12:36
We will make the slides available after the webinar
Andrew Mestern
14:44
CPD points will be awarded for todays Webinar. Subject to confirmation it will be 1.5 points. Certificates for this webinar and October's webinar will be sent out during November.
Leanne Van Wyk
35:07
If you have questions, please add them here or in Q and A and the speakers will decide what to answer at the end.
Leanne Van Wyk
38:46
Angus, re your question of what happens if activities are dealt with in PFA and COFI: both Acts apply (plus FSRA), so the FSCA has the powers set out in all 3 acts. The PA (when it takes over its functions for funds) will also have powers under the PFA (and the FSRA). Is that what you are asking?
Leanne Van Wyk
45:45
Fagmeedah - self administered funds and 13B administrators will both become licensed benefit administrators and subject to the same principles and there is a conduct standard being drafted for this now
Leanne Van Wyk
49:28
Duane - my view: COFI doesn't change what financial institutions have to comply with as regards BBBEE, including scorecards etc. COFI only gives the FSCA powers to regulate and supervise what financial institutions are required to do by law already. So, for example, sticking to the transformation plan and targets that you have set for yourself.
Leanne Van Wyk
51:01
Fagmeedah - the FI only gets one license from the FSCA (not multiple licenses) and then you are licensed for all the activities you perform (as set out in the schedule)
Leanne Van Wyk
51:59
HI V - Chantal has slowed down
Leanne Van Wyk
01:00:29
self administered funds will be subject to all the principles set out in COFI (including operations and systems) as a licensed financial institution.
Leanne Van Wyk
01:02:15
The definition of financial sector regulator in the FSRA includes the National Credit Regulator but only in respect of certain parts of the FSRA. So NCR remains as a regulator.
Leanne Van Wyk
01:13:46
Thanks Rose - I agree!
Leanne Van Wyk
01:14:02
Yes, all slides will be shared after the webinar
Leanne Van Wyk
01:18:42
All slides will be shared after the webinar
Leanne Van Wyk
01:19:24
Please ask questions or make comments here or on chat as we wont be stopping for raised hands
Leanne Van Wyk
01:25:04
My view is that the new provisions relating to umbrella funds are not clear at all as they are currently drafted and it is not clear how far you have to go in separating sub-funds. I think there will be a lot of comment on this. Sorry I cant be more specific- other people in the webinar may have specific views on this?
Leanne Van Wyk
01:33:31
HI Sakkie - it is going to Cabinet in first quarter next year then will have to go through the rest of the legislative process. But I think what they will do (like the FSRA) is make different sections effective at different dates. Not sure what those dates will be. Anyone else got a guestimate?
Leanne Van Wyk
01:41:57
The 2 month period for payment to dependants need redrafting. Its not clear whether it applies to the whole investigation, allocation and payment period or just the payment period. Also paying one "traced" dependant when the others have not been "traced" is problematic. Also what does "traced" mean. All these comments have been made to Treasury.
Leanne Van Wyk
01:49:01
Well done Amina!
Leanne Van Wyk
01:51:13
Thank you everyone!