The Financial Sector Regulation Bill gives effect to the government decision in 2011 to shift to a “Twin Peaks” model of financial sector regulation for South Africa and will be one of the most important financial regulatory reforms in the industry. The “Twin Peaks” model has two main objectives:
- to strengthen South Africa’s approach to consumer protection and market conduct in financial services; and
- to create a more resilient and stable financial system.
Regulation of the financial sector will be split into prudential regulation and market conduct.
The revised Bill takes into account comments and engagement with various stakeholders in regard to the first draft. The revised third version of the Bill is expected to be published for tabling in Parliament before the end of June 2015.
For the revised Bill click here