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South Africa - Financial Sector Assessment Program : Collective Investment Schemes and Derivatives Market Providers Monitoring (Inglês)

Since 2018, the South African authorities operates under a twin peaks' model, with the Financial Sector Conduct Authority (FSCA) which is in charge of regulating and supervising the market and its participants. The FSCA is the regulatory body for CIS and their managers. It is also in charge of supervising the only listed derivative regulated market currently operated by the Johannesburg stock exchange group (JSE). JSE and the FSCA regulate and supervise respectively all Listed Derivative. The FSCA is the regulatory body for CIS and their managers. It is also in charge of supervising the only listed derivative regulated market currently operated by the Johannesburg stock exchange group (JSE). JSE and the FSCA regulate and supervise respectively all Listed Derivative Market Intermediaries (LDMIs) and Over the Counter Derivative Providers (ODPs),altogether referred as Derivative Market Providers (DMPs). This Note summarizes the discussions and recommendations in the context of a South African capital markets review conducted virtually as part of a 2020 FSAP. A full assessment of the level of implementation of the Principles of the IOSCO was not conducted. Rather, in agreement with the authorities, the WBG conducted a targeted review that aimed at determining whether the South African capital markets regulatory and supervisory authority (the FSCA) has adopted a robust framework to oversee collective investment schemes (CIS) and derivatives market providers (DMPs), and has adequate organizational arrangements in place to deliver on its CIS and DMP regulatory and supervisory mandate.

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