Modernise forex system for trade and investment to align with OECD code of liberalisation
Modernising South Africa’s foreign exchange controls involves phased liberalisation of forex regulations, regulatory updates and alignment with the OECD code and AfCFTA requirements.
read more >>Corporation for Deposit Insurance (CODI) – Provision for protection in event of bank failure in March 2023; Provisions for collecting premiums effective from 1 April 2024
CODI is one of a number of Twin Peaks regulatory reforms introduced after the 2008–09 global financial crisis. It is part of the wider financial sector safety net that includes the Prudential Authority (PA), which supervises financial institutions; the Financial Sector Conduct Authority (FSCA) that ensures that financial institutions treat their customers fairly and transparently;…
read more >>Capital flows management framework review; fostering business growth, promoting investment in the region, promoting trade; fostering business growth, promoting investment in the region, promoting trade
Unlisted companies and licensed private equity funds are currently allowed to invest offshore up to the limit of R5bn, in line with foreign direct investment. More than R5bn requires SARB approval. Overarching reforms to South Africa’s foreign exchange system include fostering growth of high-potential and innovative businesses, promoting trade and reducing trade-related red tape. Authorised…
read more >>Restructuring the Gold and Foreign Exchange Contingency Reserve Account to manage forex reserves and reduce government borrowing.
The reform introduced a new settlement framework for the Gold and Foreign Exchange Contingency Reserve Account (GFECRA), allocating R250bn between the SARB and National Treasury to stabilise public finances and improve transparency. COMPLETE: We stopped tracking this reform at end-June 2025 as The GFECRA settlement framework reform has been fully completed as planned with the…
read more >>Enact COFI Bill to harmonise market regulation
The COFI Bill replaces a patchwork of legacy laws with a single, comprehensive framework for market conduct, aligning South Africa with global “Twin Peaks” standards and enhancing regulatory clarity.
read more >>Regulation of fintech, crypto assets and digital payment providers
This reform creates a regulatory framework for crypto assets, mandates licensing for virtual asset service providers (VASPs) and introduces interim anti-money laundering rules, with stablecoin and decentralised finance (DeFi) policy development under way.
read more >>Risk-based supervision and capital adequacy reforms through enhanced monitoring, stress testing and reporting
The reform involves phased implementation of Basel III/IV, enhanced stress testing and strengthened supervision for banks and insurers, with a focus on systemic risk and depositor protection.
read more >>Strengthening governance and investment oversight in pension funds through new standards and proactive supervision
The reform introduces new conduct standards, proactive supervision, and a phased transition of prudential oversight from the FSCA to the Prudential Authority by March 2026.
read more >>Strengthening liquidity support for banks through enhanced assessment and support mechanisms
The revised emergency liquidity assistance (ELA) framework introduces new internal guidance, improved assessment protocols and operational enhancements, with further legal alignment in progress.
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