The General Laws Amendment Act (GLAA) amendments that related to FICA have been implemented through the updating of the FICA Risk Management and Compliance Programme (RMCP). The amendments related to the TPCA have been assessed for impact, a gap analysis for implementation was done and implementation is underway. The amendments related to the Companies Act have also been implemented through the Company Secretariat. A new Directive (ID 1 of 2022) was published by the Prudential Authority (PA) in terms of section 43A (2) of the FICA on the requirement to obtain the identity of the beneficiaries of life insurance policies and to incorporate the beneficiaries as a risk factor when determining the overall money laundering and terrorist financing risk rating of a client. Among others, in addition to the customer due diligence measures required to be undertaken in terms of the FICA, life insurers must obtain particulars of the beneficiaries of life insurance policies, as soon as the beneficiaries are identified, designated, or amended by clients. The Financial Intelligence Centre (FIC) published Directive 8 under the FICA. The Directive: (a) applies to all accountable institutions; and (b) requires accountable institutions to screen prospective employees and current employees for competence and integrity, as well as to scrutinise employee information against the targeted financial sanctions lists, to identify, assess, monitor, mitigate and manage the risk of money laundering, terrorist financing and proliferation financing. 2. Employment Equity (EE) Act 55 of 1998 Comment was invited on new proposed five-year sector targets for the various economic sectors prescribed in terms of the Employment Equity Amendment Act 4 of 2022, relating to population groups and gender for the four upper occupational levels and employees with disabilities. The proposed sector employment equity numerical targets for the various population groups and gender must be proportional to the demographics of the economically active populations, whether national or provincial. PPS has reviewed these targets, completed a gap analysis, and is comfortable that it will be able to meet the targets. The Financial Sector Transformation Council (FSTC) issued a notice wherein they conveyed that they have, due to legal challenges, reconsidered the previous decision to withdraw the group reporting exemption provisions and the group reporting guidance note GN 000(a), and resolved to reinstate the group reporting exemption provisions as provided for in the Financial Sector Code and in guidance note GN 000(a). Measured entities have been invited to submit applications for group exemptions again. 3. Retirement Reform National Treasury and the South African Revenue Services (SARS) published the revised 2023 Draft Revenue Laws Amendment Bill and 2023 Draft Revenue Administration and Pension Laws Amendment Bill for public comment. These draft bills provide the necessary legislative amendments required to implement the first phase of the “two-pot” retirement system, and also take into account public comments received on the 2022 Draft Revenue Laws Amendment Bill. PPS submitted its comments through the Association for Savings and Investments South Africa (ASISA). 61 Corporate governance report
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