An overview of the first draft of the conduct of financial institutions bill and the potential impact on the national payment system in South Africa
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Date
2020
Journal Title
Journal ISSN
Volume Title
Publisher
Juta Law
Abstract
Over the last decade National Treasury (‘Treasury’) has been rigorously
acting on its commitment to promote a stable and safe financial sector
for South Africa. The means by which Treasury elected to do so was the
decision to move to a twin-peaks model of financial sector regulation in
South Africa (‘the Twin Peaks’).
Through the introduction of various carefully drafted legislative and
regulatory instruments, South Africa, on 1 April 2018, welcomed the
introduction of the Twin Peaks model of financial sector regulation
through the commencement of the Financial Sector Regulation Act 9 of
2017 (‘FSR Act’). On this very same day, we saw the establishment of the
two main Twin Peaks regulators: the Prudential Authority (‘PA’) and
the Financial Sector Conduct Authority (‘FSCA’).
Description
Keywords
South Africa, The conduct of financial institutions bill, National payment system, Twin-peaks model, Financial sector
Citation
Lawack, V., & Visagie-Swart, L. (2020). An overview of the first draft of the conduct of financial institutions bill and the potential impact on the national payment system in South Africa. SA Mercantile Law Journal, 32(1), 129-155