Tag: FinancialRegulation

The Financial Intelligence Centre’s attempt to impose retrospective penalties for a period extending fully five years prior to the existence of any lawful authority is not merely misguided, it is a brazen affront to the rule of law.

The National Treasury and the South African Reserve Bank’s (SARB’s) updated statement on the Draft Capital Flow Management Regulations has moved South Africa’s crypto regulation debate into a more practical phase. Just as importantly, Treasury and SARB have clarified that the draft regulations are not intended to criminalise the possession of crypto assets or apply retrospectively.

The South African Reserve Bank (SARB) has published the third version of its proposed amendment to the payments regulatory framework. The amendments focus on two key instruments. These include a draft exemption notice that excludes certain payment activities from constituting “the business of a bank”, and a revised draft Authorisation Framework set out in a draft directive.

The regulation of commercial paper issuance in South Africa has, since 1994, been governed by an exemption notice. This exemption notice is known as the Commercial Paper Regulations. It permits certain entities to issue debt instruments. It also ensures they are not deemed to conduct “the business of a bank” under the Banks Act 94 of 1990 (Banks Act).

The South African Reserve Bank’s Prudential Authority (PA) has confirmed its intention to derecognise Moody’s Investors Service South Africa as an eligible external credit assessment institution (ECAI). The regulator has also introduced a 24-month transition period that will run until April 2028.

Value-Added Tax (VAT) remains one of the most powerful revenue instruments available to the South African fiscus. In practical terms, it continues to rival personal income tax as a primary contributor to government revenue. It also remains indispensable to the South African Revenue Service (SARS)’s collection mandate. This reality matters.

Looking ahead to 2026, fintech will transform how financial services are delivered and accessed. Rapid technological innovation and shifting market dynamics drive this change. Key areas include machine learning, payments, crypto and blockchain, open finance, embedded finance and investment platforms.

We are pleased to announce that the Financial Sector Conduct Authority (FSCA) has published our approval of amendments to the Johannesburg Stock Exchange (JSE) Listings Requirements. These amendments deal with the Simplification Project. As a result, FSCA greenlights JSE’s simplification project, marking a major regulatory milestone.

The Financial Sector Conduct Authority (FSCA) has published Conduct Standard 2 of 2025 (the 2025 Standard). It sets out reformed conditions for pension fund benefit administrators under section 13B(1) of the Pension Funds Act, 1956. The 2025 Standard aligns with the FSCA’s Statement of Need and Impact. In doing so, the FSCA ushers in a new era for pension fund regulation by formally replacing the outdated Board Notice 24 of 2002 (BN24 of 2002).

Since the release of the “Principles for effective risk data aggregation and risk reporting” regulation (commonly known as BCBS 239) in January 2013 by the Basel Committee on Banking Supervision (BCBS), the regulation evolved significantly, transitioning from a regulatory requirement into a strategic framework for improving risk data aggregation and reporting across the banking sector.