Financial Sector Conduct Authority (FSCA)

Synthetic Financial CentreExtension of market abuse rules to new asset classes as part of market integrity reforms.New requirements for cybersecurity resilience, eg, all financial institutions to adopt robust cybersecurity, risk management and incident response frameworksComprehensive review and overhaul of the regulatory framework for the distribution of funeral insuranceInclude AI governance principles in the Joint Standard on Culture and Governance with a financial sector focus.Implementation of regulatory reporting requirements for margin on non-centrally cleared OTC derivatives, using the Umoja platform to submit returnsDevelop a national green finance classification systemMandatory task force on climate-rated financial disclosures (TCFD) reportingNew standards for exchanges and market infrastructures.Real-time, low-cost payment platform (SARB project Khokha) with the potential to boost financial inclusion.Improving credit information and reporting through national credit bureau and data-sharing reforms.Corporation for Deposit Insurance (CODI)Capital flows management framework review; fostering business growth and promoting investment in the region.Consolidation of four ombuds offices into a single redress system.Enact COFI Bill to harmonise market regulationRegulation of fintech, crypto assets and digital payment providersRisk-based supervision and capital adequacy reforms through enhanced monitoring, stress testing and reportingStrengthening governance and investment oversight in pension funds through new standards and proactive supervisionMove to new benchmark rate for money markets by phasing out JIBAR benchmark rate.National Treasury’s financial inclusion policyCrypto asset policy.Tokenisation (aka Blockchain)Supporting SMEs through payments innovationTwo-pot system/early access to retirement fundsUnclaimed assets – existing unclaimed retirement fund benefit provisionsImprove risk-based categorisation and supervisionFSCALegal framework for sanctionsAnti-money laundering and combating terrorism finance legislationFATF Grey Listing Remediation