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National Treasury has published draft Regulations which allow tax free savings products and investments from 1 March 2015. Licensed banks, long-term insurers, managers of registered collective investment schemes, authorised users (stock-brokers), linked investment service providers (LISPs) and the National Government will be able to offer tax free savings and investments to the public and will be able to administer those accounts on their behalf. The draft Regulations detail the products that will qualify as ‘tax…
On 1 February 2013, the Financial Regulatory Reform Steering Committee published “Implementing a twin peaks model of financial regulation in South Africa” for public comment. This document sets out the proposed reforms to South Africa’s system of financial regulation. It proposes dividing the regulation of the financial sector into two bodies, the Prudential Authority, located in the South African Reserve Bank (the higher peak) and the Market Conduct Authority, which role will be assumed by…