SA REGULATION
Regulation: the art
of getting it right
The rules and laws governing
banking have grown from an
ongoing process of co-operation
between The Banking Association
and several organs of government.
S
outh Africa has been able to comply with tougher
global capital requirements under the Basel regime
because of the “exceptional” relationship and
collaboration between The Banking Association and
the local regulators, says Mark Brits, General Manager
for Special Projects at The Banking Association.
He says that as a result of this collaboration, South Africa
has been able to meet the deadline for the implementation of
regulations such as Basel II, II.5 and now Basel III, which is being
implemented in phases until 2019. Brits says the next few years
will be crucial for South Africa’s financial sector as The Banking
Association will continue to be involved in the implementation
of Basel III, as well as collaborating with the authorities in the
implementation of the twin-peaks regulatory regime that is being
introduced by National Treasury.
‘We therefore see ourselves also interacting quite closely not
only with the South African Reserve Bank and National Treasury,
but also with the Financial Services Board,’ says Brits. Under the
twin-peak regime, the central bank will be in charge of prudential
regulatory matters and the FSB will be in charge of market conduct
of the financial sector.
Brits likens the relationship between The Banking Association
and the regulators to that of a hand and a glove.
Edition 6
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BANKER SA
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