Conduct of Business Returns, FIC Amendment Act and the Fintech Impact on Financial Services

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Conduct of Financial Institutions Bill (COFI)
Regulators were tasked by government to ensure fair, safe and stable markets and requiring financial institutions to promote the following objectives:
 Promoting transformation, financial inclusion and innovation in the sector.
 Financial stability (prudential and systemic events), financial integrity of industry players.
 Fair business conduct.
 Fair and equitable customer outcomes.

As a result of this directive, we find the COFI Bill which was released late last year for public comment – closing date 1 April 2019.

The COFI Bill is a significant legislative event and seeks to harmonise cross-sector legislation and repeal the current sectorial legislation, specifically FAIS, Collective Investment Schemes Act, Long-term Insurance Act, Short-term Insurance Act and make amendments to other existing pieces of legislation. It is the embodiment of the so-called principles-based regime which will become the norm, replacing the current rules-based environment we operate within.

The workshop seeks to unpack the COFI Bill and look at the key areas of impact on industry participants.

FIC Amendment Act
The existing FIC Act has been significantly amended with the revised regulations becoming fully effective from 1st April 2019 . The updated requirements adopt a risk based approach to AML and will place further obligations on regulated Financial Services Providers. The workshop will go through the key changes to the regulations and focus on the impact points for licensed entities.

Fintech/Suptech impact on Financial Services
All of us should be no strangers to the concept of the fourth industrial revolution epitomised by increased connectivity as the internet of things takes shape – data analytics, machine learning, robotics. Financial industry participants and Regulators are sitting up and taking notice of the disruptive technologies that are starting to make their presence felt in financial services.
Richard Rattue MD Compli-Serve, will explore the potential areas of impact for the financial services industry and examine how Regulators are looking to use similar technologies to assist them in their market oversight role.

Who should attend:
• Compliance Officers
• Registered Key Individuals & Representatives
• Risk Managers
• Business Owners

1. Fees are R1100 per delegate and R810 per subsequent delegate from the same FSP.
2. Cost for Compli-Serve compliance officer contracted clients R750 and R630 per subsequent delegate.
• Exclusively Juta CompliNEWS clients to be billed R1100 less 15%
• FPI, CISA & IISA members (valid membership no. needed) to be billed less 15%.
• NOTE: Discount can only be applied once, regardless of multiple, memberships/contracts with Compli-Serve, Juta CompliNews, FPI, CISA & IISA.
• All prices quoted exclude VAT.

CPD hours: 3