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Financial Sector Regulation Act Commencement Notice Amended

March 25, 2020

National Treasury

The notice of commencement for the Financial Sector Regulation Act of 2017 has been amended.

National treasury published the amendment notice in Government Gazette 43131.

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 notice of commencement is amended by the substitution in paragraph (h) for the expression “1 April 2020” of the expression “1 April 2021”, wherever that date appears, other than in relation to the consequential amendment repealing the Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2014); and (ii) the substitution in paragraph (h), in relation to the consequential amendment repealing the Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004), for the expression “1 April 2020” of the expression “31 December 2020”.

The notice also stipulates that Chapter 14 (sections 175 to 217) of the Financial Sector Regulation Act takes effect on I June 2020.