Is it working?

Sector compliance is improving, with further guidance and audits scheduled. The reform is directly linked to the COFI Bill's progress through parliament. The bill provides the permanent statutory basis for this conduct standard. Full finalisation may need to wait for parliament to enact COFI.

Actions

Market adoption of initial guidance has begun and stakeholder input continues to shape the final standards.

Are there plans?

FSCA communication 14 of 2024 (FM) confirms a further consultation round on the expanded draft, supported by a detailed statement of need/impact. The FSCA intends to finalise the standard after industry feedback, align it with other market infrastructure reforms (recovery plan Joint Standard and cyber‑resilience Joint Standard) and then bring it into force with appropriate transitional periods. Finalisation of the draft standard, ongoing stakeholder engagement and periodic compliance audits are planned.

Is it on the agenda?

Yes. This is an annual regulatory plan priority for FSCA, cited in the Cabinet sector strategy and SARB oversight. FSCA’s 2025–2028 Regulation Plan lists the market infrastructure conduct standard as a key project in its “market integrity and efficiency” workstream, and National Treasury’s Financial Markets Act review programme (and associated policy work) highlights the need for updated conduct requirements in a multi‑exchange, multi‑infrastructure environment.

Goals

To establish clear, enforceable conduct standards for South Africa's securities exchanges, central securities depositories (the institutions that record share ownership) and other market infrastructure operators - ensuring they are managed with integrity and in the interests of the investors and institutions that use them.

References

• Reference Link One
• Reference Link Two
• Reference Link Three

Departments / Govt Institutions

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