National Treasury has issued new documents which form part of its financial sector regulatory reform programme. The programme forms part of the financial sector reform strategy for South Africa which was approved by Cabinet. The initial programme was first outlined in the discussion document ‘A safer financial sector to serve South Africa better’, published in 2011.
The Financial Sector Regulation (FSR) Bill was tabled in parliament in October 2015. Since then, the Standing Committee on Finance (SCOF) has held sessions of public hearings and submissions on the FSR Bill.
New documents released to promote further discussion
National Treasury has published a comments matrix which includes its responses to issues raised during the public consultation period on the draft FSR Bill. Additionally, it has also published an amended draft Bill which reflects the proposed changes based on the comments submitted. However, this revised draft is only a proposal to the SCOF until a final decision is made on any changes to be effected before the Bill is submitted to Parliament.
The aim of the publication of the comments matrix and draft Bill is to promote further discussions on issues raised at SCOF public hearings before it resumes with consultations on the Bill in August 2016.
Third draft of the Financial Markets Act available for comment
Furthermore, Treasury has also published the third draft of the Ministerial Regulations made in terms of the Financial Markets Act (FMA). The aim of these Regulations is to progress South Africa’s commitment to the G20 obligations to implement regulatory and legislative reforms to make financial markets safer. The transition of Twin Peaks has been included in creating amendments to the FMA.
Comments on the Regulations can be submitted to Treasury by 31 August 2016. Comments on the accompanying notices should be sent to the FSB.
Additional reading and documents:
- Media Statement: Publication update for Twin Peaks financial sector regulatory reform programme
- Financial Sector Regulation Bill: Impact Study of the Twin Peaks Reforms
- Schedule 4 of FSRB proposed revisions to consequential amendments