South Africa to Publish Proposed New Financial Rules by Year End

By Adelaide Changole and Ntando Thukwana

August 01, 2024 at 4:36AM EDT

Pedestrians pass stores in the Randburg Central Business District of Johannesburg, South Africa, on Monday, Sept. 4, 2023. South Africas National Treasury warned other government departments that it is confronting significant budgetary challenges and spending needs to be reined in if it is to meet its debt-stabilization targets. Photographer: Michele Spatari/Bloomberg (Michele Spatari/Bloomberg)

(Bloomberg) -- South Africa’s National Treasury said it is close to finalizing long-awaited changes to the nation’s financial markets regulations, and plans to publish proposed amendments for comment by the end of the year.

The Financial Sector Conduct Authority said last week that the new rules, which have been under consideration for several years, will put greater focus on over-the-counter derivatives, as well as increasing visibility into unlisted financial market activity.

“These proposed changes aim to address existing limitations in the legislative framework, align with best practices to meet industry requirements, and enhance the regulation of market participants and financial market activities,” the Treasury said in a statement to Bloomberg on Thursday in response to questions. “We are in the final stages of drafting the amendment bill and intend to initiate consultation before the end of the year.”