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Twin Peaks - The Financial Sector Regulation (FSR) Act
Changing the domestic financial services supervisory architecture
The proposed Twin Peaks supervisory model for regulating the financial sector is designed to make the financial sector safer and to better protect financial customers in South Africa
Key takeout from this report
The Financial Sector Regulation Act, (the “FSR Act”, referred to as “Twin Peaks”), was signed into law by the President on 21 August 2017. The FSR Act provides for the Minister of Finance to determine the commencement date, of the FSR Act, by notice in the Government Gazette. The Commencement Notice will also be published by the National Treasury, and will detail the commencement of different provisions of the FSR Act, as well as repeals and amendments of other laws.
Different sections of the FSR Act will come into effect on different dates, to coincide with the establishment of the two regulators - the Financial Sector Conduct Authority (FSCA) and Prudential Authority (PA). It is anticipated that the authorities will be established during 2018.
How can Deloitte help you?
EMEA Centre for Regulatory Strategy – Africa Desk
The EMEA Centre for Regulatory Strategy - Africa Desk (EMEA CRS - Africa Desk) draws on financial services industry expertise from across Deloitte’s African network to provide our clients with a forward-looking view of the most important regulatory developments affecting them. The EMEA CRS - Africa Desk is an extension of the Europe Middle East and Africa (EMEA) CRS into the African Continent with a focus on the Africa financial services regulatory developments and draws on insights gained from the EMEA CRS where relevant.
The two main objectives of the EMEA CRS - Africa Desk are:
i. To better understand the Financial Sector’s needs regarding transformation initiatives undertaken as a result of regulatory drivers
ii. Co-ordinate the Deloitte response in developing client-tailored solutions based on these regulatory drivers
Through the adoption of a strategic and forward-looking approach to the identification and analysis of emerging financial services regulation, the EMEA CRS - Africa Desk contributes to our knowledge management and empowers our staff to make an impact that matters during each client engagement. The EMEA CRS - Africa Desk coordinates and enables the engagement between our regulatory experts and those charged with accountability to manage an organisation’s response to changes in financial services regulation.