The Financial Sector Regulation Act, 2017 (FSRA) requires the Financial Sector Conduct Authority (FSCA) and the South African Reserve Bank (SARB) to co-operate and collaborate with one another when performing their functions in terms of financial sector laws and on matters relating to financial stability.
While the SARB and FSCA both have duties and responsibilities that enable them to act independently of each other, their mandates are to accomplish similar objectives. The combined goals of regulation are vast, but the end goal remains to protect every citizen and the South African economy.
Where do Regulatory Instruments come into play?
Even though Regulatory Instruments form part of various legislations, they are not always published in Government Gazettes. Sabinet developed a simplified solution for easy access to regulatory instruments.
“Regulatory Instruments are designed to ensure compliance in the financial and adjacent sectors and include directives issued in terms of the National Payment System Act of 1998, information papers, position papers, guidance notes, interpretation notes and notices issued by the National Payment System Department. Sabinet’s Financial Regulatory Instruments provide integrated streamlined access to Financial Regulatory Instruments as issued by the SARB and the FSCA, which allow users to remain abreast of the prescribed regulatory requirements, a non-negotiable for adhering to corporate governance,” explains Sanet Vos, Sabinet’s Head of Product.
“Sabinet’s Financial Regulatory Instruments is a streamlined service that includes SARB and FSCA Regulatory Instruments on a single platform – with notifications to all legislation as well as future legislation,” says Vos. “The up-to-date Financial Regulatory Instruments available to users include guidelines, standards and directives, as well as a weekly newsletter with all updates and amendments. The subscription also includes an HTML view, PDFs and links to additional related content, all in one location.”
These Financial Regulatory Instruments have also been added as related content links to Sabinet's National Legislation service (NetLaw), allowing NetLaw subscribers to easily access them via subscription or eCommerce purchase. NetLaw provides access to all National Legislation with rules and regulations going back to 1910. Cross-linking is part of the service offering in that linking is done between legislation, Financial Regulatory Instruments and even judgments. With this powerful pairing, users can further empower their business compliance function by streamlining and widening access to information.
To learn more about Sabinet’s Financial Regulatory Instruments, click here.
To learn more about Sabinet’s NetLaw service, click here.