Home  »  Articles   »   Commencement Notice for Financial Sector Regulation Act Amended

Articles
Commencement Notice for Financial Sector Regulation Act Amended

March 29, 2021

National Treasury

The notice of commencement of the Financial Sector Regulation Act has been amended.

National treasury announced the amendments in Government Gazette 44327.

The act came into effect in 2018.

It put a twin peaks model of financial sector regulation in place in South Africa.

The twin peaks model sees the Financial Sector Conduct Authority overseeing market conduct while the Prudential Authority takes responsibility for prudential regulation.

The amendments focus on the substitution in paragraphs (g) and (h) for the expression “1 April 2021” of the expression “1 April 2022 “, wherever that date appears.

Paragraph (g) of the notice of commencement focused on section 111(1)(b), Chapter 16 (sections 237 to 249) and section 302 of the act while paragraph (h) dealt with section 290 of the act and the legislation listed in Schedule 4.