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,
The Financial Sector Regulation Bill was passed by Parliament and sent to the President for assent on 22 June 2017. The Bill provides the architecture for the new twin peaks method of regulation to be adopted across the South African financial services industry.
While the immediate effect of the passing of the Financial Sector Regulation
On 1 February 2013, the Financial Regulatory Reform Steering Committee published “Implementing a twin peaks model of financial regulation in South Africa” for public comment. This document sets out the proposed reforms to South Africa’s system of financial regulation. It proposes dividing the regulation of the financial sector into two bodies, the Prudential Authority, located