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FINANCIAL SECTOR REGULATION & PUBLIC PROCUREMENT: DRAFT AMENDMENT BILL OUT FOR COMMENT
- 02 December 2025
- National Treasury
- SA Legal Academy
Please note: 1) On 3 December 2025, the South African Reserve Bank issued a media statement confirming that the Johannesburg Interbank Average Rate (Jibar) ‘will be permanently discontinued immediately after its final publication on 31 December 2026’ – possibly prompted by National Treasury’s call for input on the draft Bill. ‘Market participants are encouraged to accelerate their transition efforts and make sure that all relevant financial contracts incorporate appropriate fallback provisions. Participants should reduce their reliance on Jibar and ensure they are operationally ready to use ZARONIA’. 2) A backdated National Treasury media statement on the draft Bill was posted on the department’s website on 3 December 2025. 3) On 19 December 2025, a notice was gazetted extending the deadline for comment to 23 January 2026.
National Treasury has published a draft General Finance Laws (Official Benchmarks & Procurement) Amendment Bill for public comment by 31 December 2025. The notice announcing this was gazetted on 1 December 2025.
According to a memorandum on the draft Bill’s objects, proposed amendments to the 2013 Financial Sector Regulation Act seek to enable the South African Reserve Bank to, among other things:
- ‘identify and designate different categories of legacy contracts’
- ‘determine … replacement benchmarks, and
- ‘determine and designate a synthetic benchmark and adjustment spreads’.
This is in anticipation of a transition from the Johannesburg Interbank Average Rate (Jibar) to the South African Rand Overnight Index Average (ZARONIA) as a benchmark for financial contracts – affecting markets where Jibar is used as a benchmark. They include ‘the loan market, the derivatives market, bonds, securitised products and short-term instruments’.
Proposed amendments to the 2024 Public Procurement Act seek to extend the periods within which the Minister should review its implementation and report to Parliament.
Published by SA Legal Academy Policy Watch
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