BLSA Reform Tracker

Financial sector reforms

AI governance principles for financial institutions

Bank resolution and deposit insurance

Boosting long-term investment

Cash Market Fallback Methodology Reform

Climate-resilient investment framework

Conduct of Financial Institutions Bill (COFI)

Credit information system enhancement

Digital infrastructure and financial regulation

Economics and statistics returns modernisation

Enhanced cybersecurity standards for financial institutions

Financial inclusion and deposit insurance

Financial innovation to improve competitiveness and inclusion

Fintech and digital finance regulation

Foreign exchange system modernisation

Funeral insurance regulations review

GFECRA Settlement Framework Reform

Green finance taxonomy development

Leverage ratio – revised exposure definition

Market abuse regulation expansion

Market infrastructure conduct standard

Mutual banks regulatory updates

National Financial Ombud Scheme (NFO) launch

National Payments System (NPS) Act Amendments

Over-the-counter (OTC) derivatives regulation; margin requirements reporting via Umoja platform

Pension funds governance and oversight

Prudential regulation strengthening

Retirement reform

Revised operational risk framework (Basel III)

Revised standardised approach for credit risk (Basel III)

SARB emergency liquidity assistance (ELA) framework

Transition from JIBAR to ZARONIA

Deliverables

Include AI governance principles in the Joint Standard on Culture and Governance with a financial sector focus.SARB empowered to manage systematically important financial institutions (SIFIs) failures.Capital flows management framework review; fostering business growth and promoting investment in the region.Transitioning cash market products (loans, bonds, money market instruments) from JIBAR to ZARONIA by defining a fallback methodology: compounded ZARONIA + credit adjustment spread (CAS)Mandatory task force on climate-rated financial disclosures (TCFD) reporting Enact COFI Bill to harmonise market regulation Improving credit information and reporting through national credit bureau and data-sharing reforms.Upgrade and rollout of digital identity verification system National Treasury and Stats SA are implementing new data collection protocols, digital platforms and legislative reforms to modernise the national statistics system New requirements for cybersecurity resilience, eg, all financial institutions to adopt robust cybersecurity, risk management and incident response frameworks Corporation for Deposit Insurance (CODI)Improved access for SMEs, diversification, innovation, competitiveness National Treasury's financial inclusion policy Crypto asset policy.Supporting SMEs through payments innovation Synthetic Financial Centre Tokenisation (aka Blockchain)Regulation of fintech, crypto assets and digital payment providers Modernise forex system for trade and investment to align with OECD code of liberalisation Comprehensive review and overhaul of the regulatory framework for the distribution of funeral insurance Restructuring the Gold and Foreign Exchange Contingency Reserve Account to manage forex reserves and reduce government borrowing.Develop a national green finance classification system Implementation of the Basel III revised leverage ratio, including an updated exposure definition to better capture both on- and off-balance sheet risks.Extension of market abuse rules to new asset classes as part of market integrity reforms.New standards for exchanges and market infrastructures.New reporting requirements and supervision.Consolidation of four ombuds offices into a single redress system.Real-time, low-cost payment platform (SARB project Khokha) with the potential to boost financial inclusion.Implementation of regulatory reporting requirements for margin on non-centrally cleared OTC derivatives, using the Umoja platform to submit returns Strengthening governance and investment oversight in pension funds through new standards and proactive supervision Risk-based supervision and capital adequacy reforms through enhanced monitoring, stress testing and reporting Two-pot system/early access to retirement funds Unclaimed assets – existing unclaimed retirement fund benefit provisions Replace all previous operational risk capital approaches (advanced measurement approach and three standardised approaches) with a single, risk-sensitive standardised approach for all banks Implementation of Basel III reforms to enhance risk sensitivity, granularity and consistency in credit risk calculations Strengthening liquidity support for banks through enhanced assessment and support mechanisms Move to new benchmark rate for money markets by phasing out JIBAR benchmark rate.