• Provide for the issuing of warrants for the search and cordoning off of vehicles, persons and premises. • Provide for a direction requiring the disclosure of a decryption key and the effect of a direction to disclose a decryption key. • Provide for the removal of, or making inaccessible, publications with unlawful terrorism related content; and to provide for matters connected therewith. 4. Amended Employment Equity (EE) Act 55 of 1998 The amended Employment Equity (EE) Act 55 of 1998 that empowers the Minister of Employment and Labour to regulate sector specific EE targets and to regulate compliance criteria to issue EE Compliance Certificate in terms of section 53 of the Act will come into force on 1 September 2023. 5. General Laws (Anti-money Laundering and Combating of Terrorism Financing) Amendment Bill 2022 The Bill seeks to address the deficiencies identified in the customer due diligence measures contained in the Financial Intelligence Centre (FIC) Act. The amendments to the FIC Act contained in the Bill do not substantially change the principles on which the customer due diligence provisions are based. The proposed amendments will result in a stronger money laundering, terrorism financing and proliferation financing regulatory framework. 6. OMNI-Conduct of Business Return (CBR) published by the FSCA The Omni-CBR is intended to facilitate streamlined cross-sectoral statutory reporting and sets out the types of conduct indicators to be reported on in future by various financial institutions, including Banks, Insurers and Micro-insurers, Investment Providers, Co-operative Financial Institutions (CFIs), Financial Services Providers (FSPs), Retirement Funds and Retirement Fund Benefit Administrators. It will form the cornerstone of the FSCA’s off-site supervisory toolkit and reflects the FSCA’s increasing focus on embedding an evidence based and datadriven approach to regulation and supervision. In order to fulfil its supervisory mandate, the FSCA requires a strong off-site monitoring tool that will allow it to access meaningful, reliable, measurable, and comparable information on key conduct indicators to assess the delivery of fair customer outcomes across the financial sector. 7. Draft transformation strategy published by the FSCA The FSCA invited comment on a draft strategy for promoting financial sector transformation. The draft strategy aims to: (a) outline the FSCA’s approach to promoting financial sector transformation within the existing policy framework; and (b) outline an approach for the FSCA to promote transformation under the future Conduct of Financial Institutions Act framework. 61 Corporate governance report
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