Africa
Guernsey waives promoter licences for over 100 territories
Investment promoters from a host of countries and territories will no longer have to obtain a licence from the Guernsey Financial Services Commission (GFSC) if their main place of business is in one of more than 100 jurisdictions.
South Africa’s Sanlam Life buys Barclays-owned consulting arm
South Africa-headquartered Sanlam Life Insurance has agreed to buy Barclays Bank owned subsidiary Absa Consultants and Actuaries (ACA) for R285m (£16.1m, $21.4m).
DeVere expands fintech offering with investment app
Clients will be able to buy structured notes, ETFs and mutual funds via an execution-only investment app launched by deVere Group on Wednesday.
First million tax free, concedes South Africa
Plans to scrap a tax exemption on overseas earnings have been watered down by the South African Treasury and a tax-free allowance of ZAR1m (£57,143, $76,003, €63,904) introduced instead following pressure from expats and interest groups.
Issuing tax laws by press release perilous for South Africa
Introducing tax legislation by press release and putting changes into place with immediate effect puts South African taxpayers in an “impossible position”, a tax expert has warned.