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Correction Notice for Financial Sector Regulation Act Published

May 10, 2019

National Treasury

10 May 2019

An amendment notice to the commencement of the Financial Sector Regulation Act has been corrected.

National treasury published the correction notice in Government Gazette 42454.

The amendment of notice of commencement was published in Gazette 42314 in March 2019.

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.

Paragraph (b) of the amendment notice is replaced by the following paragraph: “amend Government Notice 1019 of 28 September 2018 by the substitution in paragraphs (a)(v) and (b) for the expression “1 April 2019” of the expression “1 September 2019 “; and”.

Meanwhile, the South African Reserve Bank has announced the replacement of Notice 107 published on 1 March 2019.

Notice 107 had announced the cancellation of Ace Currency Exchange (PTY) Limited as an authorized dealer in foreign exchange.

The latest Notice 266 declares that Notice 107 is null and void and will be replaced.