Tag archives: Financial Sector Regulation Act

UK regulator to drop general counsel from accountability

By Patrick Bracher (ZA) on March 6, 2019 Posted in General

The UK’s Financial Conduct Authority intends to drop plans to hold heads of legal departments at banks and insurance firms responsible for ignoring misconduct because it would hamper lawyers from giving independent legal advice. General counsels will be excluded from the new accountability regime for senior managers. Binding legal counsel to the accountability provisions would … Continue reading

Proposed changes to financial laws to deal with failing financial institutions

By Desiree Reddy (ZA) on October 2, 2018 Posted in Banking

The Draft Financial Sector Laws Amendment Bill has been published for comment. The Bill proposes amendments to various acts including the Insolvency Act, the South African Reserve Bank Act, the Banks Act, the Mutual Banks Act, the Competition Act, the Financial Markets Act and the Insurance Act – with a view to strengthening the ability of … Continue reading

Financial Sector Regulation Act in force from 1 April 2018

By Patrick Bracher (ZA) on April 3, 2018 Posted in Banking, Insurance

Most sections of the Financial Sector Regulation Act 2017 were brought into force from 1 April 2018. This step was anticipated as the first step towards the commencement of the new Insurance Act on 1 July 2018. By a two-step process the Minister was empowered in a Gazette of 29 March 2018 to make regulations, which were passed … Continue reading

Twin Peaks signed into law

By Desiree Reddy (ZA) and Sascha Graham on August 23, 2017 Posted in General

The Financial Sector Regulation Bill was signed into law by President Zuma on 21 August 2017. The commencement dates for the new Financial Sector Regulation Act (FSR Act) are not yet known. The act provides the architecture for the new ‘twin peaks’ method of regulation to be adopted across the South African financial services industry, … Continue reading