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CAPITAL MARKETS: TWO DRAFT CONDUCT STANDARDS OUT FOR COMMENT
- 05 May 2026
- Financial Sector
- SA Legal Academy
The Financial Sector Conduct Authority has called for input on a raft of regulatory proposals affecting benchmark provision and market infrastructures.
Unfortunately, the communication alerting stakeholders to the draft conduct standard for benchmark provision was published just one day before the input deadline, which is 6 May 2026. Dated 6 March 2026, among other things the communication refers to the documents concerned as revised versions of those apparently released in July 2024 in the form of a discussion document.
Against that backdrop, among other things the revised draft conduct standard:
- is intended to apply only to:
- benchmark administrators designated to provide critical or significant benchmarks, and to
- benchmark users operating within South Africa
- includes a ‘more flexible equivalence framework for foreign benchmark administrators’, and
- strengthens governance, benchmark statement, data integrity, contributor conduct and usage reporting requirements.
In addition, the proposed new standard is aligned to provisions in the soon-to-be tabled Conduct of Financial Institutions Bill. It was published with:
draft determinations on:
- the definition of ‘index’
- critical and significant benchmark thresholds
- benchmark administrator licensing requirements
- related forms:
- CEO declaration
- benchmark administrator application index
- governing body/management/oversight committee application
- benchmark administrator business information, and
- benchmark administrator exemptions, as well as
- a revised statement of need, and
- a comments template.
Stakeholders have until 26 May 2026 for comment on the draft conduct standard for market infrastructures, which was issued with a covering communication. Reflecting input received on proposals released in 2024, the draft was published with:
- a statement of need
- a consultation report
- a marked-up version of the 2024 draft , and
- a comments template.
Published by SA Legal Academy Policy Watch
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