The Supreme Court of Appeal recently handed down judgment in the judicial review of the Mandatory Audit Firm Rotation Rule promulgated by the Independent Regulatory Board for Auditors in June 2017. The impact of this judgment in the short term is expected to be relatively minimal, given that many public interest entities would have already taken steps to comply with the MAFRR in advance of 1 April 2023.
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The Constitutional Court has ruled that it is constitutionally permissible to disclose tax records where such a disclosure is in the public interest. As a result certain sections of the Tax Administration Act (TAA) and Promotion of Access to Information Act (PAIA) have been found unconstitutional. The Constitutional Court has granted Parliament a period of 24 months to address the constitutional invalidity. Meanwhile, the court has ‘read-in’ words into PAIA the TAA pending any measures to be taken by Parliament to address the constitutional invalidity.
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As a starting point, the aim of a reward strategy is generally the same; to improve organisational performance by providing employees with rewards (that they perceive as valuable) in exchange for desirable behaviour and performance on their part. However, how this outcome can best be achieved is dependent on an organisation’s business strategy and human resources strategy, which are driven by its vision and mission.
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Currently, the date to comply with the Financial Provisioning Regulations 2015 published in terms of the National Environmental Management Act 1998, under Government Notice R1147 in Government Gazette 39425 of 20 November 2015, as amended (FP Regulations), is 19 September 2023. However, it seems that this date might be extended yet again.
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The FSCA has finalised the Draft Exemption from Certain Requirements and published a notice which exempts persons rendering financial services in relation to crypto assets from certain requirements of, amongst others, the Determination of Fit and Proper Requirements for Financial Services Providers 2017. The most significant change that was made is the removal of the exemption of Crypto Asset FSPs, their Key Individuals and Representatives from section 23 of the Determination of Fit and Proper Requirements for Financial Services Providers 2017.
Continue readingOn 12 May 2023, draft regulations were published by the Minister of Employment and Labour setting out the proposed numerical targets for demographic representivity in 18 sectors. The proposed sectoral targets have come as a surprise as the Amendment Act, although assented to earlier this year, is not yet in effect. The Regulations are therefore premature and, if challenged, may be considered ultra vires.
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