The Financial Sector Conduct Authority (FSCA) yesterday published its Regulation Plan for the next three years (2022 – 2025). The FSCA’s Regulation Plan is intended to support the FSCA in managing and navigating how it carries out ongoing legislative review and development of the regulatory framework, in line with its strategic objectives over the course of the next three years.
The focus areas forming part of the Regulation Plan can be summarised along three broad categories:
1. Regulatory framework developments focused on conduct;
2. Regulatory framework developments focused on the financial markets (integrity and efficiency); and
3. Regulatory framework developments focused on a broad scope of cross-cutting-sector developments and themes.
The publication of the Regulation Plan is intended to support transparency surrounding how the FSCA carries out ongoing legislative review and development of the regulatory framework, and also to assist the industry to prepare for upcoming publications and legislative changes. Although it is a three-year plan, it will be reviewed at least annually to ensure that is up to date and takes account of changing circumstances, emerging developments and risks, etc.
The FSCA is committed to developing and establishing a robust regulatory framework that promotes the fair treatment of financial customers and the efficiency and integrity of financial markets. It is informed by international standards while being fit for purpose considering the domestic context. The FSCA also acknowledges that to achieve this, stakeholder engagement and consultation is critical. The FSCA therefore calls on industry stakeholders to participate in this process of regulatory change and we look forward to constructive stakeholder engagement as we shape the future of the financial sector for the benefit of South Africa as a whole.
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