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FINANCIAL MARKETS ACT: EXEMPTION PROPOSALS OUT FOR COMMENT
- 01 November 2023
- Financial Sector
- SA Legal Academy
The Financial Sector Conduct Authority (FSCA) and Prudential Authority have issued a joint communication calling for input by 11 December 2023 on proposals for the criteria to be met by any external central counterparty or trade repository from a foreign jurisdiction seeking exemption from licensing requirements under the Financial Markets Act, 2012.
According to the communication, once finalised the criteria will take the form of a joint standard intended to operationalise the second phase of developing a regulatory framework for central clearing. Applicable to external central counterparties and trade repositories from foreign jurisdictions, it will comprise an equivalence framework accompanied by a licensing framework and an exemption.
The proposed joint standard should be read with a draft equivalence framework for financial markets released in September 2023 for comments, and on which SA Legal Academy reported at the time.
- draft standard
- statement of need
- joint communication
- comments template
- SA Legal Academy report on draft equivalence framework
Published by SA Legal Academy Policy Watch