The Financial Sector Regulation Act 9 of 2017 (the “FSR Act”) has been hailed as the one of the most significant regulatory changes to the financial services industry in South Africa in decades. The FSR Act sees the implementation of the “twin peaks model” for financial services regulation which is regarded as global best practice after the 2008 financial crisis. The model provides for the establishment of two new regulators, namely, the Prudential Authority for prudential oversight and the Financial Sector Conduct Authority for market conduct oversight.
The FSR Act is not without controversy having only been adopted by five other countries and criticised for adding an additional and unnecessary layer of regulatory oversight to the already highly regulated South Africa financial services industry while potentially costing the tax payer billions of Rand each year.
The following topics will be covered during the course:
- Implementation of twin peaks globally
- Implementation of twin peaks in South Africa
- FSR Act overview
- FSR impact on financial services regulation
- Practical indications of the FSR Act on the financial services industry