Developments at SAIFM

By Karin van Wyk CEO SAIFM

Summit: Financial Markets Regulation: 10 September 2014

The SAIFM inaugural Regulatory Summit was a huge success necessitating the hiring of a larger ball room to cope with demand. It was a privilege to bring together a number of speakers who are really the architects and prime implementers of the new regulatory dispensation. Who better to inform delegates what the practical implications of the new requirements will be and provide us with a perspective of the direction in which initial proposals will develop? This knowledge was invaluable to delegates to ensure that their companies have the know-how to comply fully with the new laws and requirements.

Fines for the contravention of laws and regulatory requirements have increased exponentially since the financial crisis of 2008. A study by Prof McCormick of the London School of Economics showed that top banks worldwide as at the end of 2013, have been fined with the astonishing amount of £100bn. Penalties for various contraventions are expected to double by the end of 2014. This is according to an article by Gillian Tett that appeared in Business Day on 1 September 2014. Increasingly, as South Africa is following international trends and standards, this may become a reality also in South Africa. For example South African banks were recently fined R157million for non-compliance with provisions of FICA. Compliance risk is now by many regarded as the key uncertainty facing banks and other financial institutions.

The summit provided unique opportunities to engage with the speakers and fellow delegates to fine-tune our grasp of the details of the new regulatory requirements to enable us to evaluate and manage the compliance risks that we are facing.

Please see the article in this edition providing a brief summary of the summit together with links to the key note address and presentations.

Rebranding SAIFM: New corporate identity, redesign of website and online magazine

SAIFM is in the process of redesigning our corporate identity including a new logo, website and magazine design. Our new logo and corporate colours were launched at the SAIFM Regulatory Summit that took place on 10 September 2014.

SAIFM – Workshops

In line with SAIFM’s objectives of promoting professionalism in the financial markets, SAIFM offers regular workshops on a variety of financial market topics.

(Workshops January 2014 – November 2014)

Further workshops planned for this year include:

Should you be interested in attending one our workshops or, if you would like us to arrange an in-house workshop for you please contact Melissa Joao, who will gladly assist you.