22 June 2017
STATEMENT BY THE MD OF THE BANKING ASSOCIATION SOUTH AFRICA, CAS COOVADIA
We welcome today’s passing of the Financial Sector Regulation Bill by the National Assembly and its forwarding to the President for his consideration.
The banking industry is in full support of the bill. It aligns South African banking regulations with global best practice, towards a “Twin Peaks” model regulating financial stability and market conduct.
BASA has been an active participant in the parliamentary process, which has been extremely thorough, with extensive consultation in parliament, at a treasury level, and internationally.
Once the bill passes into law, an effective commencement date for the new regulations will become known, which will provide time frames and greater certainty for the industry as consequential legislation is made to give effect to this new banking regime.
This sophisticated piece of legislation brings South Africa in line with — and in some instances beyond — prudential and market-conduct reforms around the world. The new law will add to South Africa’s already sound financial market and banking regulatory framework.