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SA: President Jacob Zuma signs Financial Sector Regulation Act into law

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SA: President Jacob Zuma signs Financial Sector Regulation Act into law

South African President Jacob Zuma
Photo by GovtZA
South African President Jacob Zuma

21st August 2017

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The Act aims to achieve a financial system that works in the interests of financial customers, and supports balanced and sustainable economic growth in the Republic, by establishing, in conjunction with other financial sector laws, a regulatory and supervisory framework that promotes the following:

a)   Financial stability;
b)   The safety and soundness of financial institutions;
c)   The fair treatment and protection of financial customers;
d)   The efficiency and integrity of the financial system;
e)   The prevention of financial crime;
f)   Financial inclusion;
g)   Transformation of the financial sector; and
h)   Confidence in the financial system

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The Act also establishes two new financial sector regulators, the Financial Sector Conduct Authority and the Prudential Authority with jurisdiction over all financial institutions, and to provide them with a range of supervisory tools to fulfil their objectives.

It further provides for, and ensures that there is, co-operation and collaboration between the financial sector regulators, the National Credit Regulator, the Financial Intelligence Centre and the South African Reserve Bank.

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Issued by the Presidency

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