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
- Complying with Changes in Legislation
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 Yüklə 0,84 Mb. 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