FIC Issues Draft Guidance for SPVs under FICA

Posted 03 March 2026 Written by Acts Online
Category Financial Sector

Brought to you by SA Legal Academy: The Financial Intelligence Centre (FIC) is seeking public comment on a draft public compliance communication (PCC) regarding the regulatory status of Special Purpose Vehicles (SPVs).

In terms of Item 11 of Schedule 1 to the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), persons in the business of “lending money against the security of securities” are classified as accountable institutions. The draft PCC aims to clarify the application of this definition to SPVs and outline the resulting compliance obligations.

The draft guidance focuses on the following regulatory requirements for affected SPVs:

  • Determining whether an SPV’s business activities fall within the scope of Item 11 of Schedule 1;
  • Mandatory registration with the FIC as an accountable institution; and
  • Implementation of internal compliance regimes, including customer due diligence and transaction monitoring.

Stakeholders and interested parties are invited to submit written representations on the draft communication by no later than 16 March 2026.

What this means for you, your business, or your clients

  • For yourself: Review the draft PCC to provide informed advice on the specific compliance thresholds for SPVs involved in security-backed lending and financing structures.
  • For your business: Conduct a regulatory audit of all managed or administered SPVs to determine if their lending activities require formal registration with the FIC under the Item 11 definition.
  • For your clients: Advise clients utilizing SPVs for financing that they may be required to implement comprehensive FICA compliance programs, including the appointment of a compliance officer and the filing of regulatory reports.

Originally published at https://legalacademy.co.za/news/read/financial-intelligence-input-sought-on-draft-special-purpose-vehicle-guidelines

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