Couzyn, Hertzog & Horak | Experienced Attorneys in Pretoria

Celebrating more than 97 years of exceptional service since 1929

Need Help?




    Financial Services & Advisory

    Couzyn Hertzog & Horak have demonstrated their expertise in advising and assisting clients in aspects of legislation in the financial services sector.

    Our field of expertise include the following:

    • Venture Capital Company Licensing:

      Couzyn Hertzog & Horak can assist potential Venture Capital Company (VCC’s) wanting to operate within South Africa and to understand the regulatory landscape and to meet the requirements of the Financial Sector Conduct Authority (FSCA) and South African Revenue Services (SARS).

      We can assist you with your SARS license and FSCA registration as per the following requirements:

      • Gen-Reg-48-G01 – External Guide for VCC;
      • VCC 001 – VCC Application form;
      • License requirements in terms of section 8(5) of the FAIS Act, 2002.
    • FIC sanctions:

      Assistance to accountable institutions with Financial Intelligence Centre (FIC) inspections, assessments as well as formal representation to the FIC in terms of section 45 of the FIC Act.

    • FIC and FSCA appeals:

      Compliance services, including the development and managing of Risk Management and Compliance Programs (Section 42, FIC), Due Diligence measures (Section 21, FIC), AML/ TFS screening measures (Section 28, FIC), FIC reporting duties;

    • Risk Management:

      Compliance services, including the development and managing of Risk Management and Compliance Programs (Section 42, FIC), Due Diligence measures (Section 21, FIC), AML/ TFS screening measures (Section 28, FIC), FIC reporting duties;

    • Corporate Governance (CGF):

      The development and management of Corporate Governance Framework (CGF) in accordance with financial sector laws. Corporate entities without solid corporate governance frameworks are susceptible to laundering activities, resulting in corporate failures and sanctions by the regulators.

    • Advice on Directives Iissued by:

      FIC, FSCA and the PA regarding regulatory frameworks and the following legislation: Financial Markets Act, Financial Sector Regulation Act, Financial Advisory and Intermediary Services Act (FAIS), FIC Act, Payment Association of South Africa (PASA), the Banks Act, the Consumer Protection Act, the Electronic Communications and Transmissions Act and the Protection of Personal Information Act (POPI).

    There is more competition in the financial sector than ever before

    ALLIANCE BANKING

    Banks and financial service companies are working together to provide innovative card and payment solutions to unbanked individuals in Africa. Through this partnership also known as “alliance banking”, a retail client may lawfully issue cards in their own name to customers which are linked to e-wallets, loyalty programs and customised payment solutions

    Our field of expertise include the following:

    • Bin Sponsorship arrangements with Authorised Dealer in foreign exchange with Limited Authority (ADLA’s);
    • Card service solutions linked to e-wallets, in-store reward (loyalty) programs and payment functions;
    • Compliance with ADLA systems subject to the FIC Act, the Payment Association of South Africa Act (PASA) and the Banks Act;

     

    The Fintech phenomenon & banking disruption have forced banks to develop superior financial services

    OVER-THE-COUNTER DERIVATIVES LICENSES

    Forex brokerages and niche providers of bespoke financial products are seizing new opportunities in the derivatives market. A prospective Over the Counter Derivative Provider (ODP) must comply with Financial Sector Conduct Authority (FSCA) and the Prudential Authority’s (PA) licensing and regulatory frameworks to become authorised dealers in over the counter (OTC) products.

    ODP providers are not accountable institutions under FICA but are regulated by FSCA in terms of the FMA Regulations.

    Our field of expertise include the following to assist prospective and existing ODP providers:

    • New OTC licence applications to the FSCA;
    • Develop and manage OTC frameworks, Anti Money Laundering (AML) and Counter-terrorist Financing (CFT) measures, reporting duties to Financial Sector Conduct Authority (FSCA);
    • Non-compliance directives, administrative penalties and remedial measures by FSCA;
    • Advice and assistance with Standardised Contracts via Central Counterparties (CCPs) (not yet enacted into law);
    • Directives by FSCA and the PA regarding OTC frameworks subject to the Financial Markets Act, Financial Sector Regulation Act, Financial Advisory and Intermediary Services Act (FAIS), FIC Act, the Financial Sector Regulation Act: Joint Standards for margin requirements, PASA Act and Financial Markets Act Conduct Standard 2 of 2018;

     

    Crypto providers and unlicensed over the counter derivate providers top the list of the Financial Sector Conduct Authority