Treasury on consultations on Financial Sector Regulation Bill and Banks Amendment Bill

Following Cabinet approval on 10 December 2014, the Financial Sector Regulation Bill, Draft Market Conduct Policy Framework and Banks Amendment Bill were published for public consultation.

• The Second Draft Financial Sector Regulation Bill implements the proposed Twin Peaks approach to Financial Sector Regulation.
• The Draft Market Conduct Policy Framework further develops the Twin Peaks system, outlining the role and functioning of the new dedicated Market Conduct Authority, and proposing regulatory interventions to support the financial sector in delivering improved customer experiences and outcomes.
• The Banks Amendment Bill improves South Africa’s resolution framework by: (a) taking steps to implement the Financial Stability Board’s Key Attributes for Effective Resolution Regimes, (b) responding to recommendations from the International Monetary Fund Financial Stability Assessment Program review; and (c) clarifying the powers of the curator.

Stakeholder engagement: Second Draft Financial Sector Regulation Bill

Due to the unavoidable clash with the Parliamentary calendar (see below), which affects a number of stakeholders, the Johannesburg workshop for the Financial Sector Regulation Bill has been rescheduled to 3 February 2015. National Treasury apologises for the inconvenience.

In addition, workshops with industry bodies have been scheduled for both Bills. Stakeholders should contact their relevant industry body for further details.

Interested parties who have not registered for these workshops already, should please submit their details to Linda Van Zyl at linda.vanzyl@treasury.gov.za.

Stakeholder engagement: draft Market Conduct Policy Framework

Bilateral engagement will be starting in February, while public workshops will be scheduled for March. Those interested in participating should contact Leanne.nation@treasury.gov.za.

Further details of both are available at: http://www.treasury.gov.za/public%20comments/FSR2014/.

Parliamentary calendar: Banks Amendment Bill

The Standing Committee on Finance has announced the following dates for the Banks Amendment Bill:

Deadline of submission of written inputs or of requests to make oral submissions - 26 January 2015

Presentation by National Treasury - 27 January 2015
Public hearings - 28 January 2015

Further details are available at www.parliament.gov.za under the “Committee Notices” tab.