Friday, 1 March 2019

South Africa: the draft Conduct of Financial Institutions Bill

The National Treasury is seeking views on the draft Conduct of Financial Institutions Bill, following the introduction, less than a year ago, of two regulators - the Prudential Authority and the Financial Sector Conduct Authority - as part of the new twin peaks regulatory framework.

A copy of the draft Bill is available here (pdf). Chapter 3 of the Bill is titled "Culture and Governance" and this sets out the principles that financial institutions should follow, as well as requiring the adoption of a governance policy to ensure adherence to these principles. Published alongside the Bill are a policy paper and impact assessment: see, respectively, here (pdf) and here (pdf). An overview of the Bill, together with further information on how to submit a consultation response ahead of the 1 April deadline, is available here (pdf).

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