Financial Markets Bill tabled
Parliament’s finance committee will consider the draft law that will govern the Johannesburg Stock Exchange and the trading of listed and unlisted securities with the Financial Markets Bill having been tabled.
The proposed law will replace the Securities Services Act that has been in effect since 2005.
Once passed the new law will bring SA in line with international trends following the 2008/9 financial crisis.
President Jacob Zuma has committed SA to a global regulatory reform agenda, which for the financial sector – including financial markets – includes a stronger regulatory framework, more effective supervision, improved crisis resolution, and enhanced accountability through international assessments and peer reviews.
The Financial Services Board has said that it hoped the bill would become effective by the end of this year.
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