FISA CEO unpacks changes to the General laws Amendment Act 22 of 2022

The General Laws Amendment Act of 2022 includes some far-reaching amendments of the Trust Property Control Act of 1988 and specifically brings in the concept of beneficial ownership that was brought into the Trust Property Control Act.

What does this concept of beneficial ownership means in the South African context?

According to Louis Van Vuren, CEO of FISA, it is one of the problems that we have with the Amendment Act and the insertion of this concept into the Trust Property Control Act because the whole concept of beneficial ownership is an Anglo-American legal concept. Which we do not know in the South African common law.

Advisors in the fiduciary space are faced with major challenges after promulgation of the General laws Amendment Act 22 of 2022. In this podcast, Louis unpacks the changes further and FISA's response.

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