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)
|Financial Instruments||André Kurten||Johannesburg||28 and 29 January 2014|
|Financial Instruments – In-house||André Kurten||Johannesburg||30 and 31 January 2014|
|Financial Instruments||André Kurten||Johannesburg||6 and 7 March 2014|
|Derivatives Markets Explained||André Kurten||Johannesburg||24 and 25 March 2014|
|Financial Instruments||André Kurten||Cape Town||26 and 27 March 2014|
|An Introduction to Strate and settlement in a Strate environment||Abigale du Sart||Johannesburg||10 April 2014|
|Financial Instruments- In-house||André Kurten||Durban||14 and 15 April 2014|
|Derivatives Markets Explained||André Kurten||Johannesburg||5 and 6 June 2014|
|Financial Instruments – In-house||André Kurten||Cape Town||17 and 18 June 2014|
|Financial Instruments – In-house||André Kurten||Johannesburg||19 and 20 June 2014|
|Financial Instruments||André Kurten||Johannesburg||8 and 9 July 2014|
|Financial Instruments||André Kurten||Cape Town||10 and 11 July 2014|
|An Introduction to Strate and settlement in a Strate environment||Abigale du Sart||Cape Town||31 July 2014|
|An Introduction to Strate and settlement in a Strate environment||Abigale du Sart||Johannesburg||14 August 2014|
|Derivatives Markets Explained||André Kurten||Johannesburg||21 and 22 August 2014|
|Financial Instruments||André Kurten||Johannesburg||3 and 4 September 2014|
|Financial Instruments – In-house||André Kurten||Johannesburg||29 and 30 September 2014|
|Financial Instruments – In-house||André Kurten||Johannesburg||1 and 2 October 2014|
|Derivatives Markets Explained – In-house||André Kurten||Johannesburg||13 and 14 October 2014|
|Derivatives Markets Explained – In-house||André Kurten||Johannesburg||15 and 16 October 2014|
|An Introduction to Strate and settlement in a Strate environment||Abigale du Sart||Cape Town||23 and 24 October 2014|
Further workshops planned for this year include:
|Financial Instruments||André Kurten||Johannesburg||1 and 2 December 2014|
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.