South Africa - Report on Observance of Standards and Codes : Banking Supervision, Insurance Supervision, and Securities Regulation
This assessment found South Africa s regulatory system to be fundamentally sound and compliant with international standards. Banking supervision has been effective and has helped limit the impact on the financial sector of the global financial cris...
| Main Authors: | , |
|---|---|
| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
| Published: |
Washington, DC
2013
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2010/10/16303486/south-africa-report-observance-standards-codesbrbanking-supervision-insurance-supervision-securities-regulation http://hdl.handle.net/10986/12520 |
| Summary: | This assessment found South Africa s
regulatory system to be fundamentally sound and compliant
with international standards. Banking supervision has been
effective and has helped limit the impact on the financial
sector of the global financial crisis. The assessment
recommended that the bank registrar s remedial powers for
addressing problems in banks should be strengthened and that
a specific regulation for dealing with country and transfer
risk be introduced.The FSB is also undertaking a study of
the OTC market. Limited progress has been made by the
Department of Trade and Industry (DTI) to implement
significant amendments to the Companies Act that were
enacted in 2007 and in 2009. If progress continues to lag,
consideration should be given to reassigning responsibility
for these functions to the Financial Services Board (FSB). |
|---|