FINANCIAL MARKETS ACT: EXTERNAL CCP, TR EXEMPTION CRITERIA PUBLISHED WITH EQUIVALENCE FRAMEWORK

FINANCIAL MARKETS ACT: EXTERNAL CCP, TR EXEMPTION CRITERIA PUBLISHED WITH EQUIVALENCE FRAMEWORK

• 06 October 2025
• Financial Sector
• SA Legal Academy

The Financial Sector Conduct Authority has published the criteria to be met for exemption from the provisions of the 2012 Financial Markets Act by an external central counterparty (CCP) or external trade repository (TR) from a foreign jurisdiction. Developed with the Prudential Authority, the joint standard focuses on exemption from the Act’s licensing requirements in the context of a foreign jurisdiction with a regulatory framework equivalent to South Africa’s.

Released in draft form in November 2023 for public comment, the joint standard is a component of Phase 2 of the joint roadmap for developing a regulatory framework for central clearing applicable to CCPs and TRs wishing to operate in South Africa. This is according to a communication announcing the joint standard’s operationalisation and outlining the process followed. A statement of need and consultation report provide more details.

Three documents relating to an equivalence framework underpinning the joint statement have also been published. This is noting that the process of revising the then prevailing framework began in February 2023.

• joint standard
• statement of need
• consultation report
• communication
• communication on revised equivalence framework
• notice on revised equivalence framework
• consultation report on equivalence framework revision process

Published by SA Legal Academy Policy Watch

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