Complying with Changes in Legislation

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Complying with Changes in Legislation 2010

Facilitated by ProBeta through Itukisa (Pty) Ltd

September - October 2010
ALL RIGHTS RESERVED COPYRIGHT







The views expressed in this document are not necessarily those of the Seta’s.
















Complying with Changes in Legislation

The Financial Intelligence Centre Act 38 of 2001 and the Financial Intelligence Centre Amendment Act, 2008 9

Purpose of the Act 9

Definition of a money laundering Activity 9

Money Laundering legislation in South Africa 9

The Financial Intelligence Centre (“FIC”) 9

Money Laundering Control measures 10

Directives 14

Registration by accountable institution and reporting institution 14

Responsibility for supervision of accountable institutions 14

Appointment of inspectors 15

Inspections 15

Administrative sanctions 16

Appeal 18

Compliance and enforcement 19

Schedules to the Act 20

Revised draft Regulation of Tax Practitioners Bill 23

Purpose of the Act 23

Application of the Act 23

Registration of registered tax practitioners 23

Duties of tax practitioners 26

Disciplinary matters 27

Financial Advisory and Intermediary Services Act 32

Purpose of the Act 32

Definition of advice 32

Intermediary services 33

Authorisation of financial services providers 33

Application for authorisation 33

Lapsing of licence 34

Qualifications of representatives and duties of authorised financial services providers 34

Debarment process of representatives 34

Compliance officers and compliance arrangements 35

Accounting and audit requirements 35

New submission dates for financial statements 36

Determination of Fit and Proper Requirements for Financial Services Providers 36

Requirements for professional indemnity and fidelity insurance cover for providers 39

Financial interest and conflict of interest management policy 40

The National Credit Act No.34 of 2005 41

Purpose of the Act 41

Overview of the Act 41

Chapter 1 – Interpretation, Purpose and Application 41

Chapter 2 – Consumer Credit Institutions 45

Chapter 3 – Consumer Credit Industry Regulation 45

Chapter 4 – Consumer Credit Policy 46

Chapter 5 – Consumer Credit Agreements 49

Chapter 6 – Collection, repayment, surrender and debt enforcement 53

Compliance and reporting – Chapter 8 of the Regulations 55

Debt counselling 56

Consumer Protection Act 58

Purpose of the Act 58

Background 58

Application of the Act 58

Exemptions 60

Fundamental consumer rights 61

Protection of consumer rights and the consumer voice 69

Business names and industry codes of conduct 70

Protection of Personal Information Bill 71

Purpose of the Act 71

Application of the Act 71

What information is protected? 71

Exclusions 72

Conditions for lawful processing of personal information 72

Processing of special personal information 74

Information Protection Regulator 74

Information Protection Officer 74

Notification of processing 75

Rights of data subjects regarding unsolicited electronic communications and automated decision making 75

Enforcement 75

Offences and penalties 75

Implementation timeline 76

The Companies Act, 71 of 2008 77

Objectives 77

Categories of companies 77

 Criteria for names of companies (Section 11) 77

Reservation of name and defensive names (Section 12) 78

Right to incorporate company (Section 13) 79

Registration of company (Section 14) 79

 Memorandum of Incorporation, shareholder agreements and rules of company (Section 15) 79

Amending Memorandum of Incorporation (Section 16) 80

Legal status of companies (Section 19) 80

Validity of company actions (Section 20) 81

 Reckless trading prohibited (Section 22) 81

 Form and standards for company records (Section 24) 82

Location of company records (Section 25) 83

Access to company records (Section 26) 83

Financial year of company (Section 27) 84

Accounting records (Section 28) 84

Financial statements (Section 29) 86

Annual financial statements (Section 30) 87

Annual return (Section 33) 90

Shareholder right to be represented by proxy (Section 58) 90

 Shareholders acting other than at a meeting (Section 60) 91

Shareholders meetings (Section 61) 91

Notice of meetings (Section 62) 91

Conduct of meetings (Section 63) 92

Meeting quorum and adjournment (Section 64) 92

Shareholder resolutions (Section 65) 93

Board, directors and prescribed officers (Section 66) 93

Election of directors (Section 68) 93

Ineligibility and disqualification of persons to be director or prescribed officer (Section 69) 94

Board committees (Section 72) 95

Board meetings (Section 73) 95

Director's personal financial interests (Section 75) 96

Directors conduct (Section 76) 97

Liability of directors and prescribed officers (Section 77) 98

Indemnification and directors’ insurance (Section 78) 99

Financial assistance for subscription of securities (Section 44) 99

Loans or other financial assistance to directors (Section 45) 100

 Distributions must be authorised by the board (Section 46) 101

Mandatory appointment of company secretary (Section 86) 101

Appointment of auditor (Section 90) 101

Rotation of auditors (Section 92) 102

Rights and restricted functions of auditors (Section 93) 102

Audit committees (Section 94) 102

Continuation of pre-existing companies (Schedule 5) 104

Business Rescue 104

Companies Amendment Bill, 2010 106

Objective 106

Right to incorporate a company or transfer the registration of foreign company (Section 13) 106

Memorandum of Incorporation, shareholder agreements and rules of company (Section 15) 107

Amending Memorandum of Incorporation (Section 16) 107

Validity of company actions (Section 20) 107

Registration of external companies (Section 23) 107

Access to company records (Section 26) 108

Annual financial statements (Section 30) 108

Company or subsidiary acquiring company's shares (Section 48) 109

Conduct of meetings (Section 63) 109

Shareholder resolutions (Section 65) 109

Board committees (Section 72) 110

Director's personal financial interests (Section 75) 111

Indemnification and directors’ insurance (Section 78) 111

Appointment of auditor (Section 90) 111

Audit committees (Section 94) 111

Effect of business rescue on employees and contracts (Section 136) 111

Continuation of pre-existing companies (Schedule 5) 112

King III 113

Structure of the report 113

Application of the code 113

Effective date 113

Chapter 1 – Ethical leadership and corporate citizenship 113

Chapter 2 – Board and Directors 114

Chapter 3 – Audit committees 118

Chapter 4 – The governance of risk 118

Chapter 5 – The governance of information technology 119

Chapter 6 – Compliance with laws, rules, codes and standards 119

Chapter 7 – Internal audit 119

Chapter 8 – Governing stakeholder relationships 120

Chapter 9 – Integrated reporting and disclosure 120

International Standards on Auditing 122

Background 122

ISA 200: Overall objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing 122

ISA 210: Agreeing the Terms of Audit Engagements 123

ISA 260: Communication with Those Charged with Governance 123

ISA 265: Communicating Deficiencies in Internal Control to Those Charged with Governance and Management 124

ISA 320: Materiality in Planning and Performing an Audit 124

ISA 450: Evaluation of Misstatements Identified During the Audit 125

ISA 540: Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures 126

ISA 550: Related Parties 126

Financial reporting Framework for Non-Public Entities 128

Purpose 128

Objectives 128

Scope 128

Transitional provisions and effective date 129

Principles, recognitions and measurement 129

Specific line items on the financial statements 133

Environmental taxes 136

Carbon dioxide vehicle emissions tax 136

Exemptions for certified emission reductions 137

Allowance for energy efficiency savings (Section 12 L) 137






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