Law@work, UCT Faculty of Law, is pleased to present a one-day course on Twin Peaks, the Insurance Act and the Conduct of Financial Institutions Bill.
ABOUT THE COURSE
The Financial Sector Regulation Act 9 of 2017 (the “FSR Act”) has been hailed as the one of the most significant regulatory changes to the financial services industry in South Africa in decades. The FSR Act sees the implementation of the “twin peaks model” for financial services regulation which provides for the establishment of two new regulators, namely, the Prudential Authority (“PA)” for prudential oversight and the Financial Sector Conduct Authority (“FSCA”) for market conduct oversight.
The insurance industry has already had a significant change with the shift of their primary regulatory authority to the PA and the implementation of the Insurance Act, 2018. The rest of the financial service is set for a major shake-up with the enactment of the Conduct of Financial Institutions (“CoFI”) Bill which was published for public comment in December 2018. CoFI seeks to repeals most of the current financial services legislation including CISCA and the FAIS Act and has already caused waves in the industry. Although CoFI is not yet finalised, the Bill has given a clear indication of the future market conduct regulatory environment.
This course seeks to unpack “twin peaks” by providing a big picture insight into all the relevant legislation and allows those impacted to have a fundamental grasp on the topic. The objective is therefore to equip the participants with a more in-depth understanding of the relevant legislation to allow them to be proactive in their approach to the twin peaks regulatory environment and make the appropriate changes within their organizations.