FINANCIAL BENCHMARKS: INPUT SOUGHT ON DISCUSSION DOCUMENT

FINANCIAL BENCHMARKS: INPUT SOUGHT ON DISCUSSION DOCUMENT

• 03 November 2023
• Financial Sector
• SA Legal Academy

As the next step in developing a framework for regulating and supervising benchmarks, the Financial Sector Conduct Authority (FSCA) has published a discussion document and related stakeholder questionnaire for input by 14 December 2023.

In that context, the accompanying communication refers to:

• work already under way at the South African Reserve Bank on reforms to interest rate benchmarks and interbank offered rates, and
• a draft conduct standard released in March 2022 for comment, revised and released in November 2022 for further input.

Apparently, the process of finalising the proposed new conduct standard will focus on ‘the quantitative thresholds that should be applied’ when determining whether a benchmark should be considered ‘critical’ or ‘significant’. Stakeholder input on issues raised in the questionnaire will inform that process. In that regard, the communication refers to:

• ‘the scope and operations of benchmark administrators’, and
• ‘the types and categories of indices being used’.

Please click the links below for more information:

• discussion document
• communication
• questionnaire

Published by SA Legal Academy Policy Watch

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