New Prudential Authority CEO: FSB now Conduct Authority

Patrick Bracher from Norton Rose Fulbright.

The National Treasury has announced the appointment of Deputy Governor of the Reserve Bank, Kuben Naidoo, as the CEO of the Prudential Authority under the Financial Sector Regulation Act. The announcement also explains the process for appointing the Commissioner and Deputy Commissioner of the Financial Sector Conduct Authority.

The FSB will ‘close down on 31 March 2018’ but it is replaced by the Transitional Management Committee which is responsible for implementing the transitional plans and regulating market conduct until the Conduct Authority is established and the executives appointed.

The chair of the FSB together with the current Executive Committee of the FSB are included in the Transitional Management Committee so it should be business more-or-less as usual and there is a commitment to a ‘smooth and non-disruptive process’.

Annexed to the announcement is a short, useful summary of the Financial Sector Regulation Act (FSRA) implementation mentioned in our previous blog.

First published by: Financial Institutions Legal Snapshot