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The Regulatory Regime for Bond Markets from a South African Perspective

The Regulatory Regime for Bond Markets from a South African Perspective. Presentation to Africa Workshop Johannesburg - 19 June 2003. Gordon Rennie Independent Consultant. Agenda. Background to FSB. Functions of the FSB. Business Philosophy. Scope of Regulation. Capital Markets.

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The Regulatory Regime for Bond Markets from a South African Perspective

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  1. The Regulatory Regime for Bond Markets from a South African Perspective Presentation to Africa Workshop Johannesburg - 19 June 2003 Gordon Rennie Independent Consultant

  2. Agenda Background to FSB Functions of the FSB Business Philosophy Scope of Regulation Capital Markets Regulatory Framework

  3. Introduction to the FSB • Financial Services Board Act of 1990 • The fundamental objectives 1.Fair treatment of investors 2. Fair, efficient & transparent markets 3. Reduce Systemic risk

  4. The FSB’s main functions are: Maintaining a regulatory framework Administering the reg’s and con’s Enforcing compliance Supervising the financial institutions Investigating Advising interested parties Promoting understanding of regulatory system

  5. Business Philosophy of the FSB Efficient regulatory framework - sound balance between statutory control and self regulation (SA has SRO’s) Renders a timely and cost effective service in an impartial and consistent manner Believes in consultative decision making

  6. Scope of supervision by the FSB Regulation and supervision of all non-banking financial services in South Africa • Securities and capital markets; • Short and long-term insurance industry; • Retirementfund industry; and • Other allied services (i.e. Collective Investment Schemes). The FSB administers 12 Parliamentary Acts

  7. The FSB oversees: ito Stock Exchanges Control Act, No.1 of 1985 JSE Securities Exchange South Africa (JSE) ito Financial Markets Control Act, No.55 of 1989 Derivatives Division of the JSE; and Bond Exchange of South Africa (BESA) ito Custody and Admin. of Securities Act ito Insider Trading Act

  8. New legislation to replace the previous four acts is pending Securities Services Bill (SSB) + Financial Advisors and Intermediaries Services Act (FAISA)

  9. Capital Markets (JSE and BESA) Both of these exchanges are responsible for the regulation of their respective members, and as such are self regulatory organisations (SRO’s). In terms of the capital adequacy requirements for members of these exchanges, the concept of a lead exchange has been introduced to facilitate efficiency.

  10. The FSB in Relation to the Regulatory Structure for the South African Exchanges Minister of Finance Financial Services Board (FSB) Stock Exchanges Control Act Financial Markets Control Act JSE – Eq. JSE - Deriv. BESA EXCHANGES MEMBERSHIP

  11. Any Questions

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