South Africa: Financial Sector Assessment Program-Technical Note on Banking Regulation and Supervision

June 17, 2022

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South Africa: Financial Sector Assessment Program-Technical Note on Banking Regulation and Supervision, (USA: International Monetary Fund, 2022) accessed December 3, 2024

Summary

The implementation of a twin peaks model represents a significant change to the South African financial supervisory architecture. The Prudential Authority (PA), operating within the administration of the South African Reserve Bank (SARB), is responsible for promoting and enhancing the safety and soundness of financial institutions that provide financial products and securities services. A separate authority, the Financial Sector Conduct Authority2 (FSCA), is responsible for market conduct regulation and supervision. The introduction of the twin peaks architecture was motivated by a need to increase the robustness of the financial sector regulatory and supervisory system, reinforce financial stability, improve protection of customers, and enhance cooperation among the regulators.

Subject: Auditing, Bank supervision, Corporate governance, Economic sectors, External audit, Financial regulation and supervision, International organization, Monetary policy, Public financial management (PFM)

Keywords: Africa, Auditing, Bank supervision, Bank supervision department, Corporate governance, External audit, FSAP's finding, Global, H. liquidity risk, IMF-World Bank Financial Sector Assessment Program, Staff team of the International Monetary Fund, WB staff

Publication Details

Pages:

49
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2022/184
Stock No:

1ZAFEA2022007
ISBN:

9798400214578
ISSN:

1934-7685

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