FINANCIAL SECTOR REGULATION & PUBLIC PROCUREMENT: DRAFT AMENDMENT BILL OUT FOR COMMENT

FINANCIAL SECTOR REGULATION & PUBLIC PROCUREMENT: DRAFT AMENDMENT BILL OUT FOR COMMENT

• 02 December 2025
• National Treasury
• SA Legal Academy

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.

• draft Bill
• Government Gazette notice

Published by SA Legal Academy Policy Watch

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