Market abuse regulation expansion
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Individual Reform: Market abuse regulation expansion 2026 - 2027

Extension of market abuse rules to new asset classes as part of market integrity reforms.

No data available for the deliverable: Extension of market abuse rules to new asset classes as part of market integrity reforms.

No data available for the deliverable: Extension of market abuse rules to new asset classes as part of market integrity reforms.

No data available for the deliverable: Extension of market abuse rules to new asset classes as part of market integrity reforms.

No data available for the deliverable: Extension of market abuse rules to new asset classes as part of market integrity reforms.

No data available for the deliverable: Extension of market abuse rules to new asset classes as part of market integrity reforms.

Summary

The reform enhances penalties, executive accountability, surveillance and regulatory guidance, with expansion under the COFI Bill.

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Is it working?

The reform is effective, but further expansion and harmonisation are expected with COFI’s passage. Crypto and decentralised finance risks are under review, with further regulatory updates planned.

Actions

Enforcement intensity has increased, with greater executive accountability and industry awareness. The COFI Bill will harmonise and strengthen the framework.

Are there plans?

R943m in penalties were imposed in 2023/24, with enhanced surveillance and regulatory guidance. The COFI Bill will further expand market abuse regulation.

Is it on the agenda?

The FSCA, Prudential Authority and National Treasury have prioritised this, with increased enforcement and the COFI Bill in the legislative pipeline.

Goals

The reform aims to broaden the scope and enforcement of market abuse laws under the Financial Markets Act (FMA), aligning with international best practices. This will improve enforcement and surveillance, protecting market integrity and investor confidence.

Documents

References

Departments / Govt Institutions

Financial Sector Conduct Authority (FSCA) National Treasury South African Reserve Bank (SARB)

Summary

FSCA and National Treasury extended market abuse rules to new asset classes (crypto, OTC, ESG, fintech instruments). The reform enhances penalties, executive accountability, surveillance and regulatory guidance, with expansion under the COFI Bill.
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Canvas not supported.

Is it working?

The reform is effective, but further expansion and harmonisation are expected with COFI’s passage. Crypto and decentralised finance risks are under review, with further regulatory updates planned. This is on track with periodic enforcement and reviews.

Actions

Enforcement intensity has increased, with greater executive accountability and industry awareness. The COFI Bill will harmonise and strengthen the framework. Implementation under way with stakeholder uptake and the regulatory backlog being closed.

Are there plans?

About R943m in penalties were imposed in 2023/24, with enhanced surveillance and regulatory guidance. The COFI Bill will further expand market abuse regulation. Rules are being phased in with ongoing consultations and enforcements aligned to market developments.
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Is it on the agenda?

The FSCA, Prudential Authority and National Treasury have prioritised this, with increased enforcement and the COFI Bill in the legislative pipeline. This issue featured in FSCA Regulation Plan, Cabinet anti-abuse strategies, sector engagement.

Goals

The reform aims to broaden the scope and enforcement of market abuse laws under the Financial Markets Act (FMA), aligning with international best practices. This will improve enforcement and surveillance, protecting market integrity and investor confidence, as well as strengthen the integrity of financial markets. New conduct standards for market abuse have been released and consultation is under way for digital assets and derivative exposures.

Documents

References

Departments / Govt Institutions

Financial Sector Conduct Authority (FSCA) National Treasury South African Reserve Bank (SARB)

Summary

The reform enhances penalties, executive accountability, surveillance and regulatory guidance, with expansion under the COFI Bill.The FSCA and National Treasury have expanded the market‑abuse framework beyond traditional listed securities to cover a wider range of instruments, including crypto assets, OTC derivatives, ESG‑linked and fintech‑related products. New and updated conduct standards have been drafted and consulted on, with phased implementation under way. Budget Review 2026 situates this work within the broader drive to enhance market conduct, address risks in digital and over‑the‑counter (OTC) markets and protect investors as financial innovation accelerates.

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Is it working?

Implementation is progressing and the regulatory backlog is narrowing, with generally constructive stakeholder engagement. The main challenge is ensuring that surveillance tools, data access and skills keep pace with increasingly complex and fragmented trading – particularly in crypto‑ and OTC markets – so that expanded rules translate into effective deterrence and enforcement.

Actions

The FSCA and National Treasury have released and consulted on new conduct standards, engaged with exchanges and over‑the‑counter infrastructures and begun incorporating expanded product scopes into supervisory and enforcement programmes, with further work under way on crypto and derivatives‑specific standards.

Are there plans?

Authorities plan continued consultation on detailed rules for digital assets and derivatives, phased implementation timelines tailored to market readiness and ongoing refinement of standards and surveillance techniques as products and trading technologies evolve.

Is it on the agenda?

Market‑abuse reform features in the FSCA Regulation Plan and Cabinet anti‑abuse strategies and is reflected in Budget Review 2026’s financial sector update as part of strengthening the conduct‑of‑business regime in an evolving market environment.

Goals

The reform aims to broaden the scope and enforcement of market abuse laws under the Financial Markets Act (FMA), aligning with international best practices. This will improve enforcement and surveillance, protecting market integrity and investor confidence, as well as strengthen the integrity of financial markets. New conduct standards for market abuse have been released and consultation is under way for digital assets and derivative exposures.

Documents

References

Departments / Govt Institutions

Financial Sector Conduct Authority (FSCA) National Treasury South African Reserve Bank (SARB)

Summary

South Africa's existing market abuse rules apply primarily to listed securities on the JSE. As crypto assets and complex derivative instruments have grown in importance, regulators are extending these rules to ensure the same standards of fairness and transparency apply across all markets.Market abuse includes insider trading (using confidential information to trade unfairly), market manipulation (artificially moving prices) and front-running (trading ahead of a client's order for personal gain).

Canvas not supported.

Is it working?

The reform is on track. New conduct standards have been released and consultation on digital assets and derivatives is under way. Full implementation across all new asset classes is not yet complete. The Draft Capital Flow Management Regulations 2026, which incorporate crypto assets into the exchange control framework, add a complementary dimension to market abuse regulation for crypto.

Actions

Implementation is under way and stakeholder uptake is positive. The regulatory backlog on extending rules to newer asset classes is closing.

Are there plans?

Rules are being phased in with ongoing an consultation process to ensure they are workable across different asset classes. Consultation on crypto asset and derivative market abuse rules is ongoing. FSCA enforcement will need to extend to new asset classes as the regulatory framework matures

Is it on the agenda?

Yes, evident in the expansion of market abuse rules in the FSCA Regulation Plan, Cabinet anti-abuse strategy and sector engagement documents.

Goals

To extend South Africa's market abuse rules (which prohibit insider trading, market manipulation and related misconduct) to new asset classes including crypto assets and complex derivatives. This will ensure that all financial markets operate with integrity.

Documents

References

Departments / Govt Institutions

Financial Sector Conduct Authority (FSCA) National Treasury South African Reserve Bank (SARB)

Analyst: Tinashe Kambadza
Status: in-progress
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