Financial Sector Regulation Bill Update

Legalbrief Policy Watch reports that the Financial Sector Regulation Bill is expected to be tabled in Parliament later this month.

The report also states: “Several references in the briefing document to a ‘Market Conduct Act’ being in place next year appear to suggest that a follow-up to December’s draft market conduct policy framework could well be imminent.”

“According to National Treasury Director-General Ismail Momoniat, it does not differ substantively from a draft Bill published in December, notes Pam Saxby for Legalbrief Policy Watch.”

“According to Momoniat, the ‘explosion’ of new financial sector legislation witnessed since 2013 is set to continue for the next three years. As far as 2015/16 is concerned, the briefing document referred to:

  • A Collective Investment Scheme Control Amendment Bill (to address FSAP concerns about ‘inadequate record-keeping requirements’ and a lack of ‘specific accounting standards’);
  • A Resolution Bill; and

Final regulations for over-the-counter derivatives.

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