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Draft Regulations re accountable institutions
- 11 January 2023
- Accounting
- South African Accounting Academy
These Regulations are set out in the schedule to the Government Notice, and covers the following topics:
- Definitions and interpretation
- Establishment and maintenance of a public register of persons disqualified from serving as trustees
- Recording of details of accountable institutions by trustee
- Beneficial ownership information to be recorded by trustee
- The Master’s register on the beneficial ownership of trusts
- Access to information contained in a beneficial ownership register
Click here to download the Government Notice:
Relevance to Auditors, Independent Reviewers & Accountants:
- The Trust Property Control Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor and independent reviewer, you need to consider compliance with these Draft Regulations.
- These Regulations relate specifically to beneficial ownership registers and records of details of accountable institutions.
Relevance to Your clients:
- Trusts and trustees, relevant accountable institutions have a duty to comply with the Trust Property Control Act, otherwise they could be held liable.
- These Regulations relate specifically to beneficial ownership registers and records of details of accountable institutions.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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https://cpd.accountingacademy.co.za.
The SA Accounting Academy (SAAA) Technical Resource Centre is constantly updated by our team of experts to help you stay compliant and informed.
The Technical Resource Centre service is free for all SAAA Designation CPD subscriber members to use.
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